37 Burst results for "Bank"
Fresh update on "bank" discussed on WBZ Midday News
"Illegally as Children, toe work and study without fear of deportation. The ruling follows one from November that said the acting Department of Homeland Security Secretary Chad Wolf was unlawfully in his position. So that invalidated the memo Wolf had issued in July, suspending Dhaka Laurie Levenson is a law professor Loyola Law School and she says President Trump still has avenues he can take to get rid of the program. It's not impossible for Trump to keep fighting against Dr In the court and otherwise, But there are very few avenues still left to keep people from applying to this program, And in fact, the federal judge has ordered that even the website for Homeland Security make clear that individuals Can apply for protective orders from Homeland security. The judge also instructed officials to grant approved applicants work permits that last for two years instead of the one year period proposed by the Trump administration over the summer, well, better late than never five months into the new fiscal year. Massachusetts has a state budget state lawmakers finalizing a $46 billion spending plan for the fiscal year that began July 1st. The budget represents an increase of around 5.5% over the prior fiscal year. It now heads to Governor Charlie Baker. He has 10 days to review and issue any vetoes before signing it into law. Among the controversial measures is an amendment aimed at strengthening abortion rights. Baker has said he opposes late term abortions and supports current Massachusetts abortion laws. Time now for a check on business with Bloomberg Move over Millennials age. NZ revolution is starting and Bank of America, says Eleni ALS are going to change investing forever. Jen Z. The group born between about 90 96 2016 plans to do things differently with their lives and their money. Bank of America Global strategist Hime Israel says many millennials don't eat meat or drive a car, and they prefer online shopping and east sports sectors that will Benefit e commerce payments luxury as well as screaming Cos gaming companies, they care about the environment and expect companies to make socially responsible choices. The bank surveyed more than 14,000 Jen's E members and 80% consider those factors. One investing companies that have negative environmental social implications. This a generation that we're just not investing them sectors that likely won't do as well cars, travel and traditional retail Just Like a summer's Bloomberg business on WBZ. Boston Soo's radio go one of the kids, No matter how many smart devices you have having rules, you can tell them all to play WBZ news radio on I Heart reading the attic where I hide Sometimes you'll always be in the know. Coming up and update on those random attacks in wall Fam. What kind of a crest the neither are you? You do your taxes. April 16th You change your oil every 290,000 miles, whether it needs it or not. And you already have your Christmas lights up because they're still up from last year. Oh, you're no amateur crashed in ator. You're a procrastinator. Perfect. We're right window. All righty. Right window for the last time. Teen years. You've.
Apple unveils first Mac computers powered by its own M1 chip
"Today. we bring you. The inclusion of a three part interview with addis custodian of qualcomm be discussing the company's approach to security devices powered by the processors and where arm-powered laptops are headed one of the elements tent poles. That is just processor is the security element. And there's there's extra some security for photos or some sort of verification. He talked about that. Yeah so You know security has always been a one of the functions that we concentrated on a lot and we have a secure processor that it's embedded in our solutions and we have certified that processor as well and so what we try to do not. Just concentrate on on the photo side. What also concentrate on security as any tax or militias software may be embedded into our downloaded into the phone We have to make sure that security wise consumers don't get compromised or the software that goes along with it with a platform like android is always staying safe from a photo perspective Making sure that Anything that you want to tag secure That cannot be accessed by anyone. Else is is the mainstay. Basically overal is not just concentrating on photos is really system security and Sections of your software and sections of your system that cannot be accessed by anyone else besides the user and if the it locks it out in such a way where you would have to physically destroy the phone and then it would be no good. So that's that's our goal and we constantly work with different software vendors and vendors to make sure that our security capabilities are in line with what they want. What will last eight is a platform for phones but of samples of making a lot of noise about it's a m one powered. Max is also running off of an arm architecture. Just like the qualcomm chips Apples made a huge deal of it and the reviews for the first run of these laptops. He's max have been really positive in terms of battery life performance. I know arm based. Pc's have been around for a couple of years now. Thank you introduced i Just computers ago at eight snapdragon summit but kinda hit or miss. And so i just. I was curious to see what your reaction was to the y. Announcement of get your your vision for where on based pc's are headed. I actually very happy about the fact that You know such a large company has is banking on arm based solutions for their. Pc's because their message as almost a duplicate of what we've been saying for the past two or three years and you know the the concentration on on power on The mobile traits that are moving into the pc such as camera capability video capability audio capability long battery.
Fresh update on "bank" discussed on The Truth About Money with Ric Edelman
"Palestinians class today at the funeral of a 13 year old killed by Israeli gunfire in the occupied West Bank. Dozens of Mourners threw stones toward Israeli forces and set fires. Israeli soldiers responded with sporadic barrages of tear gas. Next month's presidential inaugurations not expected to have a large audience attending Fox is Krista Mayo with more it's expected to be quiet for the gathering on January 20th president elect Joe Biden, saying it's highly unlikely there'll be a million people cheering at the National Mall, the president elect, saying Keeping people safe during the pandemic is his first consideration for the inaugural. Nation. He suggested the facilities could end up looking a lot like the virtual convention the Democrats had back in August. Christie Mae Oh Fox News Honduran man has been charged with harboring more than two dozen people at a Houston home that authorities say was part of a human smuggling operation. It was discovered Thursday evening after one of the men being held, escaped and ran down a street in his underwear, yelling that he had been kidnapped. A social media video becomes an accidental warning about the coronavirus. Mary, in short, was filming a take talk video that she hoped would go viral and it did, but for the wrong reason. The 19 year old was trying a Starbucks drink that had five shots of vanilla and three shots of caramel in it until all of a sudden she realizes that she can't really taste it. Her face then looks a little panicked as he jokingly asks. Do I have co vid? Hang on..
Washington, DC-area attorney indicted on charges he plotted to steal Somali government funds
"Fencing to keep livestock away from streams. An attorney in Maryland has been hit with a long list of criminal charges, including wire fraud, mail fraud and money laundering. Prosecutors say Jeremy showman of Bethesda, tried to fraudulently obtain control over hundreds of millions of dollars in the Central Bank of Somalia assets that are held in accounts that have been frozen due to civil war in that African country. His law firm's website says that showman is represented the Federal Republic of Somalia in various matters. Including
Washington, DC-area attorney indicted on charges he plotted to steal Somali government funds
"Fencing to keep livestock away from streams. An attorney in Maryland has been hit with a long list of criminal charges, including wire fraud, mail fraud and money laundering. Prosecutors say Jeremy showman of Bethesda, tried to fraudulently obtain control over hundreds of millions of dollars in the Central Bank of Somalia assets that are held in accounts that have been frozen due to civil war in that African country. His law firm's website says that showman is represented the Federal Republic of Somalia in various matters. Including
Families reach out for help from Houston Food Bank for the first time ever during 2020 coronavirus pandemic
"But lots of people out of work because of the pandemic the houston food bank says more families in ever asking for help. Katie watkins says a food bank is now giving out about eight hundred thousand pounds of food on a daily basis. The houston food bank says it gave out nearly twenty one million pounds of food during the month of october. That's up from about fourteen million pounds during october of last year ceo. Brian greene says daily. Demand has gone down since the pandemic. I hit march but it still remains higher than anything. They've experienced before including during hurricane harvey or impacting directly about fifteen percent of households and that impact tending the have for most of those households fairly short timeframe of very strong eight williams a smaller number. That had very long term impacts so the sustainability of guests problem has been also straightened. Green says state and federal programs have helped supply food but he worries what will happen in twenty twenty one after those programs are slated end.
Australian leader seeks conciliation in dispute with China
"If you enjoy a glass of wine every now and then. You've likely tried a bottle from australia at some point the. Us is a big market for aussie vintners. So is china but now china shops wanting to carry australian wine face higher costs much higher. The chinese government has announced new taras on australian wine imports as high as a two hundred twelve percent tax on every bottle. It is a major blow to australia's wine industry as the world bank. A hillier reports. China is pointing the finger at australia and says the country is dumping wine into its market causing the chinese wine industry to crash. Australia says that's not true. Still because of the spike and fees the wine trade between the two countries has come to a grinding halt. The level of the tariffs essentially closes a market for experts. Say it will be virtually impossible for steinbeck's orders to send bottle bought into china for the foreseeable future tony lane. Ceo of australian grape and wine says people's livelihoods are already being threatened of the twenty four hundred australian wine producers who export to china eight hundred of them sell exclusively to the people's republic that now the markets that aren't still domestically they've set the businesses up puglia round the toronto market. And now. we're the next older will come. There's a lot of guess uncertainty. In fear and confusion james robson of ross hill. Weinstein is feeling the pressure. This is terrible news. He told abc news australia. That nearly twenty percent of his product exports to china where his customers usually place big orders in october to prepare for chinese new year. And we haven't done any of that this year because obviously that texting right. It's just not sustainable alley entry level one these ten dollars and that's gonna make it thirty. Even the big players in australia's wine industry are taking a hit shares in the largest one treasury. Wine estates plunged eleven percent when the tariffs were announced. But they'll be okay. Tony battling says because they can sell to other countries mainly europe the us and other parts of asia still under thirty five million liters of wine that is now going to be looking for a high finding new markets and forming new business relationships is tough though especially during a global pandemic and battling says those other markets won't be able to make up for the loss of business with china we got hundred seventy markets resulted. Even if i only christ bought fifteen percent that would still live. It's seven hundred million dollars in the red site. Clearly showtime Visit occasion is not going to work. Experts say the wind tariffs are not just about reds and whites relations between australia and china soured earlier. This year after australia called for an investigation into china's handling of the coronavirus pandemic since then china has slapped tariffs and restrictions on a number of australian exports including barley beef seafood and sugar agriculture minister. David little proud told sky news australia. That he's looking for clarification from china. Is that it is retribution. Rather than any specific issue that any whether it be one or the other commodities produced the trade war appears to be here to stay. China's commerce ministry said today the tariffs could last between four and nine months at this point. Tony battling of australian grape and wine says he doesn't see a clear path forward normally you can resolve economic disputes through negotiation. But with you can't get to the table. You can't get both parties in the same room or on the same telephone. You kinda negotiate in the meantime battling hopes australian producers won't have to sell their wines under market value just to keep the lights on
Airline Cards Lose Luster as Coronavirus Persists
"Do either of you have any airline credit cards? Yes, I've gotten American Airlines one doctor. I don't know. Have a Delta one and a blue one, actually, um Question for for both of you, I guess for Mike, So you've got an American Airlines one. Is that a card that prior to this year you used heavily on a regular basis. Know when I had kids, I switched almost all of my spending over to a 5 29 Rewards credit card instead of in airline credit card. I paid the annual fee at this point, mainly because it gets me free checked luggage on any of my American Airlines flights for myself, and I think up to three other passengers, so for me You know, family of five. If we fly one time a year, the credit card he pays for itself in chucked in checked bags, But you've made the selfish decision to prioritize your kid's education over your own travel. Correct, Very selfish. I'm sorry to hear that. You know Honestly, what the reason I ask this is that these these airline credit cards are big money makers in a number of different areas. The first is a lot of people don't realize this, But let's say that you get apart. Let's say you apply for one of these new airline credit cards, and there is a 60,000 mile bonus that goes for the jet blue water for the Delta one. Those miles don't just materialize out of thin air. What we actually end up seeing is that the bank that issues that card whether it's JP Morgan, whether it is Barclays whether it is Bank of America. Whoever is issuing that card pays the airline for those miles in order to generate the bonus. And so these bonuses can be very lucrative for the airlines. Because you know if you will get the cost the average cause if you're looking at the price on these miles Generally, the ballpark is anywhere between one and two cents per miles. That means on a 50,000 mile bonus, the airline that is offering that bonus is picking up anywhere from 500 to $1000 in revenue just by virtue of someone signing up for one of those cards. It's a lot of revenue and they don't have to fly anyone in order to generate it. So they get all this revenue and they don't do anything. It's just okay. Here we go. We've got a potential liability in the future. What they earn. This revenue was Sorry. You don't have as many people signing up for these airline rewards cards and the reason why is look, you just don't have that many people traveling. So why would you sign up for a brand new airline Rewards card? If you're not gonna use it any time soon, and with the potential of devaluations coming for these rewards programs as well. So a couple things there. I would think right now that the airlines are enticing people and maybe offering I actually know that they're offering. You know extra mileage rewards If they devalue those miles on the tail end of this, That's a different story, And I think they might, but I think that some of them are offering additional miles Chuck in your case. Are you paying annual fees on both JetBlue and Delta? The credit card. Yes, I am. Okay. Have you thought about cancer? I mean, you haven't flown at all this year or at least not since pre pandemic. I'm guessing you probably won't fly until May or June of this year. I flown once this year. Actually, no, that's not true. I flown once pre pandemic and once post pandemic s, so it's actually paid for itself even this year, but generally speaking, all fly You know 3 to 5 times a year. Are you able to justify those fees? So I've actually spoken to the issuers and gotten the majority of those fees refunded? Um, just because they get like you just say Look, I'm thinking about canceling this card. I'm not using it, They'll say OK, like either they'll offer you additional points not so much right now because they don't want to be spending the money order to say OK, we'll reduce your waive the fee for the year. But I wanna be able to keep him for the long term because they have things that are attractive based on you know, our travel plans and things like that. So, um the other piece on this is It's not just the airlines that lose out on a little bit of business. You also have the payment network so place you know, cos like a visa or in American Express. If individuals start using debit cards, which they're using Maura of and less credit cards, fewer credit cards. What you end up with is a situation where the interchange fees that normally would be collected on that credit card usage. Those don't end up getting paid out. And so it creates a little bit of a wrinkle then for you know these these issuers now They obviously are able to make that up with the fact that hey, people, you know, are using cash way less this year. And so maybe they're just not using the travel cards as much. But we saw here was that traveling entertainment purchases were down 69% year over year on Amex cards and 70% on Visa cards compared to a year ago for the last quarter, So obviously they're seeing a big change in volume there, then that means you know fewer interchange fees collected for these companies.
Interview With Shawn Van Dyke
"John thanks for taking the time to come and chat with us today. How's it. How's it going on doing great man. Thanks for having me. will you give us. I read your bio on your website. But will you give me in the audience of big picture of your background and kind of have to where you are now in. kind of. Give us the backstory. Yeah sir so by education and training or by just sending a lot of tuition money to the university of tennessee. I eventually ended up with a couple of engineering degrees. So i started my career in construction even though that might offend some people when this always used to be an engineer i make fun of engineers used to be one but i got a degree in civil engineering and then a master's in structural engineering and then went out and did the engineering thing for several years and then realized i don't really know how to build anything and i wanted to get out on the job site so transition from i'd say transition from engineering into construction. I really got laid off from the engineering firm. Heart was working for In went and joined project management team for large commercial contractor that. Put me out on large commercial sites Building all sorts of seven are really really like that Did that for a few years than my way. Up working for some architects and then for real estate developer Doing construction management so. I ended up traveling around the country building commercial real estate projects. You know big stores in the out lot developing out lots and all of that kind of stuff in that for several years. And by this time i was married had five kids now so the second kid was on the way my wife was like. I'm glad you're enjoying your job but You gotta stick around mean. I was on the road three or four days a week wherever the projects were so. That was my first business. Started back in. Two thousand five was a construction management and real estate development company. I'm here in knoxville tennessee. So as doing that work here locally then two thousand eight hit and banks were not lending money to real estate developers anymore So i transitioned from there and started a remodeling in general contracting business People these days called a pivot. I didn't realize pivoting at the time. I just time. I had four kids. Three four came back them So put the tool belt on and started a small construction company. Built it up from there and then one of my subcontractors might trim and melwork subcontractor young guy. We went to church together. His business was blowing up because he got into the high end. Trim and melwork work Market here in our area and typical difficult construction business owner great craftsmen horrible business person and he approached me one day and said man. Your i like the way that you run your construction business and everything's always organized I wanna talk to you about how to run a better business. So we met up for lunch and was talking to him about that and giving them some tips and tricks. And and i didn't know he was interviewing me at the time he said. Okay well i think. I need to hire somebody to run my construction business. Much mill work company and He's an acid yeah. I think you should do that. Because you're a horrible business person but you're an awesome. You're awesome craftsmen in great with the guys out in the field and the work was just unbelievable and he just said okay. I want you to do it. And so i thought i was like i got my own thing going on. I'm okay and he's a great salesman and he's like listen. You have a small construction company is gonna take you twenty years to get where you want to be. I'm already in those projects as a subcontractor we've landed some really high end stuff but this business that we just acquired meaning that the projects coming up he said it's gonna put me out of business doing these projects because i don't know what i'm doing and He he so he said I want you to come and run the business. And i thought i bluff bluffing okay. The only way. I'm going to run your business that you let me run the business. You run the field our on the business. But i'm i'm in charge of the business side of it. And he said no problem and he literally pulled out of manila folder with the entire business and it just random paper. Here's the business slid across the table and said you run it and went home talked to my wife and said this is a crazy idea. This is really stupid but my friends gonna suffer and he was right. It was an opportunity to get on some really into high level projects high end projects that i'd already always been wanting to do in such kind of step back and said all right. Maybe we should do this and So bit the bullet went on went. Joined that team as a as the chief operating officer and at the time we had six guys out in the field in within eighteen months we were at twenty two guys in. He was in debt and not making any money. And we kinda turn that around and and that wasn't all me. We had great team a great owner. That had a really good vision and i was just the execute and putting systems in place. Oh did that for about four years and then got another crazy idea saying. Hey what i've done with my businesses and now with this treadmill work business. I think i see the problem here. Within an industry. I can help a lot more business. Owners with systems. All i know construction. It's all i've ever done so after about four years of being the executive there. I left that that job and started writing books and and speaking at industry events and now it's four years later and i've been doing coaching and consulting work strictly for construction business owners since those back in twenty sixteen. So yeah right up for years. We've been doing this Before we move on but are you recommending to your kids. They go to college. You spend a lotta time in college. You said a master's in engineering of some type so talk about that for a second. Are you gonna man. You're gonna make mom hears this. He's gonna get offended. And it. Every time i say but m. i. encouraging my kids to go to college no not specifically i'm encouraging my kids to develop skills in areas that interest them and figuring out how they can make money at it now. Some of those things that some of my kids are interested in now will require them to go to college. But especially as we're seeing in twenty twenty man colleges change. They're still the same tuition rate but they're not allowing you to go on campus and all of the other things that higher said that here's where value is. Now they're saying nope can't come to campus. We're going to do all virtually. So i think the whole world has changed so but to answer your question. No i don't encourage my kids to go to 'cause. I don't discourage them from going to college. The i feel like it's my job as a parent when you're out on your own which i got four boys in a baby girl. I say baby girl. she's five. She's always going to be my baby girl. The boys they're on their own at eighteen. You better figure out how you're gonna make money at eighteen and if that means you're going to college then you know what i took me. I was on the five year plan to get my undergraduate now. Four year plan right but i worked the entire time and paid for most of my most of my college through work. They can do the same thing so And it looked statistically it takes most people at least six years to get an undergraduate degree and only forty percent of incoming freshman even graduate with a degree at all. So yeah do. I encourage them to go that path. Only if it interests them. Only only if that's that's where their future light. Hey you know. One of my kids wants to be a doctor yet. You probably better go to college. I have several of them that are interested in computer stuff in graphic design and other things and got my fourteen year old son this year to start working for a contractor and over the summer and he came home with more money and more cash in his pocket. And said yeah. That's what happens when you go work. And that's what happened with skill so
Tom Bergeron reveals he has no plans to return to 'Dancing with the Stars': 'This train has left the station'
"Tom Bergeron isn't planning to return to dancing with the Stars During During a new interview, the host implied that he has no plans of hosting the competition show again after getting fired over the summer. Explain to TV guide magazine quote that the train has left the station. Back in July, ABC announced that they were letting go of Bergeron in the coast. Erin Andrews were being replaced by Tyra Banks, Man. You watch the shows tired, Bankston. Okay. Or what's the story? Depends who you ask. I thought she was fine. You know, I'm not. I'm not a person who likes change. So I liked Bergeron and Erin Andrews because they've been there so long you get used to them. I didn't care for Tyra Banks too much and the shows. I think it's kind of run its course. Hmm. When I was 10 years ago.
Apple Pay launch in Mexico coming ‘very soon’ with Banregio, Hey Banco, more
"Apple. Pay me beginning. It's pesos on soon. Nine to five. Mac says apple's contactless payment solution seem set to launch soon south of the border down mexico way. According to the report a recent video shows up the first banks and retailers that will support apple's contactless payment platform and apples mexican website. Says it's coming me pronto.
Bank United Forges Ahead Using Technology With A Personal Touch
"Welcome everyone to the cassandra properties. Podcast episode twenty three. We have a treat for you guys today. We are joined with with two folks. That are doing some really unique things in the banking space. One of which. I've had the pleasure to get to know over the last few years and made an immediate impact in how not necessarily how i was doing business but how i was perceiving the banking relationships. So we're joined today by megan hallinan the senior vice president of the commercial banking team at bank united and marshall fulton who is the vice president of commercial private banking. So we're doing good excellent excellent rate for having us. We appreciate you joining us today. Certainly anomalous times. Where we're dealing with here and i think while banking relationships have always been an important part of of how we operate. I think never It's never been more important or relevant to have the right connections and the right relationships with your your bankers and you guys bring something To the table that in my experience was outside of the box in very different Martial started to my eyes to different opportunities in the banking space that quite honestly we hadn't seen much of out here in staten island so if we can start Megan just give us an overview of of what makes Bank united so different. What are you guys doing in the marketplace. Today that sets you apart from what at least we're used to out here in. Staten island in particular. Sure i'll base again for having me. I dreamed united in two thousand fifteen prior to bank. United is with north working capital. One bank which a lot of people know from this area so bank united was brought back to the market in two thousand thirteen by the old ceo of northward bank. So a lot of the bankers relationship managers that we have here Come from that prior institution so while bank. United may not sound like a a name that many people familiar with. We've really hit the market hard especially in real estate over the last seven years and you know a lot of it is really just doing what marshall and i are doing which is you know picky beings that were really good at bank. United does not want to be everything to everyone. Going to kick our niche. And do that really well when it comes to. We're investing in technology and we're investing in people over branches so we're not gonna see beng united branches on every corner but we are going to bring the banks to you essentially especially out in staten island where we may not have brick and mortar location. We absolutely you know. Wrap our arms around nyland's and offer sort of way love commercial banking services so from deposits loans to cash management. Obviously he was a great time for us to shine and show that you know again like you said at the now picking up the phone and getting your bangor You know as soon as possible with everyone working from home and getting things done. I think we were really able to show. That are white. Glove service is is worth on worth banking with us at our knowledge and something. That marshall's done really well. As you said is sort of you know in times like these for us. we're finding that it's not just. The banking is a lot of it is more being a consultant and having other contacts in the market and being able to help in other ways the science thinking and get advice and connects people. Where possible. so that's really interesting. A lot of folks are saying what you're saying today but it seems like this has been part of the culture for the better part of seven years for your bank. I mean was that always kind of woven into the fabric investing in human capital and investing in the technology instead of the brick and mortar. Absolutely sound when we came back to new york. So giancana's bob bank united back in two thousand nine. They went public in two thousand ten. So we have a very large branch network in the florida. Market besotted miami so when coming back to new york we just saw the future bagging on and decided to invest in again people in technology and these niche businesses and it really has paid off. You know we've grown a huge portfolio especially in the real estate market over the last seven years and again just you know having these small teams relationship managers And then having the technology behind it so we have the technology of the bigger banks but we have the relationship management of the smaller banks.
Redlining left neighborhoods vulnerable to heat
"For decades. Many banks refuse loans to people buying homes in certain urban neighborhoods. the lenders claim the loans. Were too risky. But that assessment was heavily influenced by the race of residence. This practice is called redlining and it left lasting damage. In many communities reduced individual wealth home ownership and investment in schools and transportation in recent research shows that formerly redlined areas are also more vulnerable to extreme heat. Jeremy hoffman of the science museum of virginia says these neighborhoods tend to have fewer shade trees and more pavement making them hotter nationally. It ends up being about four and a half degrees. Fahrenheit warmer on average during the summer in these formerly red light areas than in their non redline neighbors the problem will get worse as the climate warms so hoffmann says to protect residents health. It's important to find immediate solutions like building. Shade structures at bus stopped planting trees and adding parts could also help cool neighborhoods in the long-term reimagining with of the individuals in the communities that were redlined. What's their vision for what their community looks like in the next ten twenty thirty years
Fed reports slowing US economic activity due to virus surge
"Conditions around the country found that economic activity in several regions slowed in November as Corona virus cases surged, according to The Associated Press. The Fed report released Wednesday said that overall, the feds 12 regional banks characterized the economic expansion as quote modest or moderate. But it noted that three Midwest regions and the Philadelphia region reported activity that began to cool in early November as covert 19 cases surged into Reed. You can read more
The Most Important Chart for the Markets
"We start off tonight with the most important charter in the market. Because of course we would according to one of our traders check out the yield curve spread between ten and two year treasuries at its highest level since february twenty eighteen. So our rates off to the racist. Could this rate shock crush this record rally karen. You flag this yeah. I don't know it will crush this record rally. We don't want rates to skyrocket to quickly. I mean this is a big move but still you know. The absolute is seventy eight basis points but it is sort of telling us that the expectation is that the economy. Oh heat up and we've seen that. The resources traded that tim talks about. We've seen in energy. We're seeing it in the banks Even though they don't really aren't giant to ten spread they do trade that way. So it's indicative of the expectation of a heating economy. Maybe also more stimulus. So that's sort of how position but i also have a big inflation bet on because i do think there is a chance that inflation gets away from the fed and i don't know what they would do in the shorter to medium term the timeframe though tim i mean it's got to be a goldilocks right. Just enough inflation. Not too much inflation. It's gotta be just right. Yeah i mean it definitely not too hot not too cold and you have a case where normalized rates coming out of this and whatever that means also but where we were coming into kobe remember. We're somewhere between one. Forty one seventy five and the ten year so pointed out what the trades that have been beneficiaries or have had the extra boost that comes from this and the resources trade. I mean look coppers three fifty. We haven't been three fifty since march of two thousand and thirteen and some of the trades that look like it's back to the future in the resource look at steel companies. And i'm not just talking about us. Steel look at mattel which arguably the biggest deal company in the world or posco. These you know mt. pk ex. Those are names. you can track over here freeport. We talk about all the time. So i think you have a case where the assessment of all of this to me is more about normalizing. It's not that we're in great shape. And in fact i think we're in a tough place for markets and even some of these trades when we've normalized but we aren't near normalization at this point then later on fiscal even if that's disappointing number Infrastructure to me is is going to continue to rally in these trades member again. you don't buy commodities when you're when they're cheap you buy them when they're running and when they're expensive and i think there's a lot left to do here.
Brazilian city seized by armed bandits, bank looted
"Of command to just one day after similar force struck another city on the opposite side of the country, taking residents hostage as they looted a bank. Robberies took place at the start of December when bank coffers are filled in anticipation of employees withdrawing their year end bonuses. Stocks are lower on Wall Street. This is AP News
Horde of Brazilian bank robbers attack another city, kill 1
"Of command to just one day after similar force struck another city on the opposite side of the country, taking residents hostage as they looted a bank. Robberies took place at the start of December when bank coffers are filled and anticipation of employees withdrawing their year end bonuses. Stocks are lower on Wall Street. This is AP News
Protect Your Sobriety Through Holiday Stress
"To this topic today about overcoming the overwhelm of holiday stress protect your sobriety through holiday stress. Okay that's what we're going to be focused on and you know the first thing i'm gonna talk about is planning ahead. Holiday season comes at the same time every year. There is no excuse for not being prepared. This season will probably be a little different because of corona virus. I know for me. Some of our family isn't going to travel just to be safe so our celebration will be smaller than normal. But i'm already thinking about my plan for myself right. There's no reason to sit back and do nothing and wait for the overwhelmed to crush you when you know it's coming and holidays stress isn't only about the parties and drinking either. There is added stress of preparation for travel or prep for people. Staying in your home. Cooking and baking. Like i talked about a minute ago. The grocery shopping for all the cooking and baking and of course the holiday gift shopping being surrounded by family members that we don't know all that well being in crowds social anxiety. All of it is exaggerated in at a higher level than normal and then throw in the corona virus on top of it all and the stress of trying to stay safe. Keep your family saved decide whether to have your celebration or not travel or not staying socially distanced through all the grocery shopping and gift shopping. I mean it's a lot it's just a lot. Did i even mention the financial stress of it. All i mean money money money going out every frigging direction. It's kind of funny to me too. Like i said holiday season comes the same time every year. So it's always a little bit amusing to me when i don't think about it earlier. You know what. I mean like the last couple of years. I've been really good about doing some of my shopping much earlier in the year. Instead of leaving it all till the last minute because it is stressful. I don't care if you have ten million dollars in the bank like it is stressful. When you just see your money going going going going going every direction so we all have stress in our everyday lives on some level right in the short term stress can be good it gives us a shot of cortisol and adrenaline and your body goodson action mode and keeps you focused and helps you get things done. But you can't live in that state long term you'll start having all kinds of crazy side effects mentally and physically. And it's just not sustainable. What i want you to focus on in the next couple of weeks is getting a plan together for yourself not just thinking about it. Haphazardly but really mapping out a plan to protect yourself protect your sobriety and keep your stress manageable. So you don't end up vulnerable to the drink right it out in your journal talk it through with your sponsor or your coach or your accountability. Person have a thorough plan in place for those of you. Who are really doing the sober thing and have made a true commitment. You've probably already started thinking about this. And the first thing i want you to think about is having some boundaries boundaries. Around your time and your schedule okay. I am a person who needs to take a time out here and there. I need to step away from the work. The phone the computer the family the dog the everything i need a few minutes to decompress get my thoughts in order and give myself a little pep talk and i need to do that in silence so the way i do. This is when i'm in any type of group situation whether it's business related friends or family or a. My escape is always to the bathroom. And if you've listened to this podcast for any length of time or for sure if you've been on a coaching call with me. You already know this is my thing my group actually in my six week program right now. We're just laughing at me about this the other day. But it's so true. We all have to go to the bathroom multiple times a day. Excusing yourself to the bathroom is acceptable in normal in any situation. Like it's the perfect escape if you need a minute so use that
Tahinis Restaurants Puts It's Entire Cash Reserves Into Bitcoin
"I think is this. Is chris coney speaking welcome back so you guys might have seen michael salo over the news media outlets recently. The ceo micro strategy You might be familiar with this already. So i'm not going to reiterate. The whole thing is about micro strategy put in most of that corporate cash reserves into bitcoin and then they make a business case for that so yes. We all familiar with that. We were just waiting for that first. Domino to start hitting and snowballing to other companies which is now happening. I was just browsing the old twitter as i do and chemicals this tweet from to heaney's restaurants who basically have just done the same thing and they have this tweet storms. I'm going to read out to you as to why they've done. What's microsoft's don as well now to heaney's restaurants. I've never headed them. But as far as i can tell. A canadian based company is a franchise of mediterranean restaurants. So that we go thus thus who. Who's talking here. So if you want to follow these guys check the tweets out. It's at the real to heaney's which ta h- h. I n i s to heaney's the real to heaney's that's the twitter handle so check this out. This is from the first of december. This was yesterday at five pm. Uk time so it says we converted our entire reserves to bitcoin in august. Twenty twenty. and since then we've been ridiculed and cold irresponsible fools in our community our reserves in dollah. Tam's doubled since then. Here's why we continue to buy bitcoin forever. Time for a threat. So festival says right that they did in august. Why is it took me this long to hear about it. Have you guys head about this already. Let me know if you already had about this book. This is the first. I've heard about it. And that's what august. September october november four five months ago. They did this. Maybe they just didn't say anything and didn't wanna say anything but it sounds like 'cause we've been ridiculed for it. Well they must've told somebody that follow is all the clients customers knew about it but i didn't say that we got so he goes the tweet storm the first thing they say is our current macroeconomic environment implies that there's going to be a ten to fifteen percent expansion twala monetary supply every year for the next three to five years in breakfast or more assets are going to inflate. Bitcoin is digital gold. And it's going to have the highest real yield because tween You can't pick any more of it old. The other investments are overvalued trades bonds our ethical stocks are grossly valued. Gold is a shitty says shitty store value that debases by two percent a year. Gold is a twenty twenty scam. You'll see governments and institutions pumping it to dump on retail investors who are misinformed because bitcoin is a thousand times better across all aspects. All these investments have some upside and more downside. In our opinion there is no way for the average person to get an etch. Bitcoin hasn't asymmetric proposition. You can get an edge here because it has a history that scared most people away. It hasn't been embraced by all the institutional community. That's changing fast. Now if you confront run this will this shift. Then you have an edge. It's being traditionally difficult to buy an old people can't pick up the phone and buy it if you go through the trouble of how to acquire insecure. It's that will give you an edge. It has all the technology upside of apple. Google facebook and amazon combined from a decade ago. And you saw what they did over the last decade. I get tweet namik says bitcoin is the so. That's a that's a combination. The fast fiber didn't i didn't segment in the b- go twenty six as they go on. Bitcoin is the successful successful digital monetary network. If you come into it right now you'll coming in at least so you're coming in at three hundred and fifty billion market cap. And it's unstoppable at this point so it makes sense to be at the ailey to this threat. Trend bowed pony trend. No threat as the price goes up. The value of the offering goes up because liquidity is the value proposition. This is an example of something where the higher the price the mo- value. We get the more people want to have it. And the more robust against this is not true with a stock as the price of a stock goes up it dilemma from its cash flow and it's p. price-to-earnings ratio goes from twenty to forty to sixty to a hundred as with many things as the price goes up. The risk gets higher with bitcoin. As the price goes up the gets lower. It's such a simple beautifully engineered. Winder that doesn't have all the competitive risks that so many other things have because it is so very simple is just twenty one million gold coins in cyberspace which divide all of the competitors. Bitcoin is the winner. They go on by one or a fraction of one and as people adopt the network value proposition increases as the technology gets better. The value proposition increases and his people like get more productive. They'll swap more cash flows into it and the value proposition increases. They go on to say and essential banks print more money. The value proposition increases again. That's just an elevator pitch. The bitcoin rabbit hole goes a lot deeper. If you're interested dilemma. Let us know we would like to thank the cyber hornets. The honey badges the huddle as the maximalists the developers and the good economists without them we would still be in the duck. Educate yourself look is when knowledge meets opportunity also followers for some amazing content. So they we got. They don't specify in this tweet stone. Exactly how much money into has millions of dollars they put into. Bitcoin as reserves micro strategy did actually say how much they put in. All this says in the fest we is. We've converted our entire reserves to bitcoin. So you know. One hundred percent of their reserves. So i suppose that means more doesn't it. What proportion of the company's assets will preserve the cash reserves. They put into bitcoin not the amount. 'cause if micro strategy said we've bought five hundred million dollars worth of bitcoin and that was only ten or twenty percent of their their reserves. It would make me less than putting all right. So i think that's a good metric. What proportion of the companies reserves not. How much money do they invest in it. Because that's more this objective risk that the company is taking rather than the objective value placed on the stack of money right so that we got restaurants the next company to put all of the business currency reserves into bitcoin. Who's going to be next. Who do you think's going to be next. Let me know.
The Truth Behind Launching Companies with Vinnie Tortorich
"Vinnie ceo. What's up to fire nation and sheer something interesting about yourself. That most people don't know hello fire. Nation graft to be back john. Thanks for having me on. Wow something most people don't know. Well here's a deal. I'm health and fitness expert and most people have been into ultra cycling ultra vents in holding. So oddly enough. I love to exercise and of course i eat right and take care of my health. So people would think. Oh well fitness is the most important thing to this guy and fitness may be well. It's number one bay but it may have a rival Financial health has always been as important to me. You know just watching my money watching where goes protecting it. Investing it myself not needing it in the hands of other people. So i look at at financial fitness as long as much or more than i do my own physical fitness. I love hearing that for sure. And i mean we actually had a really fun chat before i hit the record button here where both myself and vinnie fire nation. We escaped california. We're not talking about the fires we're talking about the insane taxes which by the way vinnie. I don't know if you're so tracking this but they're raising state taxes to sixteen point five percent there that's just state taxes which is absolutely mind blowing. The only problem. I have with vinny to be honest with you. Fire nation is that he stopped about twelve hundred miles to short he. He needs to get into a boat even a canoe paddle out into the atlantic. Come a little self from virginia vinnie. Angle yourself down towards the equator. Don't stop to you. Hit puerto rico and come join the world of four percent my man come on you know what we actually talk about because you know my wife is european so i could be anywhere in the world. That has a computer. If i can run a computer could be anywhere in the world and it felt so good leaving california and going to a quote unquote normal state. But we've talked about it. You know. I keep going buddy. John says that guy's killing. Okay let me just let me just say this. This is what i want to happen. I want you and your wife to come down. Visit me for a weekend. And i will blow your minds with beauty. Amazingness of the islands and by the way from saint joe from from san juan international airport. We have direct flights to germany to portugal. Talking five hours in the air. You're in europe. It's absolutely unbelievable. So that's for another time but the invitations always there have any i would love to host here love to. I wanna talk right now about you and starting companies because a lot of people a lot of people in fire nation included. They think that they need to go directly to outside investors to go to venture capital to raise all of this money before they even think about starting a company but you started a very successful. Vitamin company was zero outside investors. Talk to us about that. How did you pull that off. Yeah i think you have my partner. Andy schreiber the vitamin business on the show at some point and what had happened was the whole time. I was in california to reason i went. There was to start up businesses. And every time i had a great idea it turned out. Man made like two or three pennies on a dollar. Because when you're borrowing someone else's money are you have these investors. They're taking the big financial. Had a big chance. Even though you ll invented something they walked lion's share out it and when you go to a bank and beg a bank for money first off you have to have a like a whole business plan written out in the whole thing. And i every time i went to a bank and a wanted to start a vitamin company. There were like who are you. And why should we trust you with my with my plan in place. They were like yeah. We don't think so. And so that's how that whole thing started I got lucky that that was a lucky move in my life. I wrote book. And i it. The book is called fitness confidential. And the book a year. How they say you should dance like no one is looking yeah. I wrote a book as if no one was going to have anything and everything that i wanted to put it in a book went into that buck and it turned out that it was this weird colossal success
"bank" Discussed on Bank-Fintech Fusion
"To this episode of Bank Fintech Fusion. This is Phillip Ryan. Cg Catalyst. And I'm joined today by smile. Shy Of T. sobe based in Berlin which is better circles probably for open bank project which is one of the things he does. Smile will tell you a little bit about that. So is smile welcome. Hi thanks for having me Your Thank you for coming. So how did you get involved in financial services did you? Did you come from a technology background or is there something in particular that that brought you into the tech part of the world and also Let people know of what about in an Open Bank project share? Yeah So again thanks for the invite so. I'm me a chief operating officer at sober where Germany based company the company behind the bank project as much in we cheese a meeting open source. Api Management Solution or banks out. So we will we do this. We had incumbents banks Expose API's it's always. The guy worked with FINTECH companies around words and really. I think I get into that kind of Bible by chance I'm I'm an African. Didn't want to set in France and while I was in France I met with the founder and CEO of the back projects unregistered. And he was telling me. All about this You know crazy ideas. That was back in two thousand ten. So I think the words that you didn't really What wasn't think back then. And so he was telling me about all these crazy ideas of A. B. Is An opening up the banks and banks working with startups and Solan and so forth like listening to him very carefully. And saying this is crazy. This will never happen. I WANNA be participant that. That's that's somehow I got into this. I come from a technology background. I sold what technology can do had company doing. Api's before that. Sorry I really saw believed very strongly about the GNC's opened up by technology by API's and so on and yet you know the financial industry looked like it's very archaic in Slow Moving East so I think frost division or or one of the early drivers for bring forbidding. This was really like rookie. How we make this a little bit more technology Losing more modern I S and how can bank Leverage oldest new technologies out. There the first thing I remember with Simon. I think I met Simon in two thousand twelve or so when he had the the sort of. He's a musician right so he had the musically for your bank account In it's still around. It's still online in every people stumble onto in there. Like what is this but that was? I think it was an early demonstration of API. Yes so that was exactly so you know again. You know we're we're in two thousand ten two thousand eleven really banks do know bankers Do not understand what Napi is let alone open banking and so we were like really scratching our head. How do we explain this? You know in kind of in a way in an engaging way and as you said Simon is a musician. It guide but also musician composer and so we said okay. Why don't we do a singing back? So Rhino take your transaction bacon play abusive. Geno note out of it. So if money comes in it's a high pitched note south it's slow. It's not like a little bit of a conscience does a fun thing. It actually was done in a hacker. Thon over the weekend smell. Stop that so. That was nice in my souvenir missile from that area for sure. Yeah well actually you're right. People can still look at it at singing dot com. You can actually play out own. See how seeming dot com. Check it out. Yeah it's interesting that Api's the industry is finally coming around to API's and we'll talk about this more. But I read a trends piece. Five transferred twenty twenty and one of the trends was. Ap is like as if as if it's some thing you know coming from outer space. That's you know that it's not something that's operating all around us every second on the Internet so I think there's still a lack of familiarity in the industry with with API. Unfortunately but I know that's earlier mission is is Is Educating people not yeah absolutely and if you talk to some some folks at banks will tell you what we have is for years and to some extent. They're probably right. I mean Burnett As a as in interface between two software products has been around for years with his new. Today is that this is it's open. Api these are opium is our API's these are connection points between the bank. The legacy system an external provider in third party providers Phoenix or otherwise and opens up for -tunities. It OPENS UP IN CHALLENGES. And that's s very much new thing right. So what is the most important lesson that you've learned in your career whether whether it be your or her what what's what's the thing. That's maybe the biggest effector impact on you loud. That's a good one limiting excessive. Or I think I think what's really both for you know in a in a professional context and also maybe us no one. Is this idea of to empathy. I have empathy with regard to the other. I soon and we'll what is it like to be you. And this is kind of guiding principle that I tried to use nowadays and really trying to understand whether that's in front of you know Fainter Company. aband- a small bank bank etcetera eating. What is what's their reality in how they look at things and Yeah I think it opens out. Look more if over change eason in a shed lights blind spots. So that's a executed guiding principle. What is it like to be youth? I Yeah I think it's a I think in the world would be a better place if more people thought that way. And it's it's something that's missing so much in not just intact but really in every in every industry. I think no put ourselves right place if the other person enough right absolutely I think also in a commercial setting right like you know you can offer something which is a lot more on textual allies lot more relevant to your customer. You know or sisters giving your. It's the same thing to to try to provide the same thing to everyone right. What's the greatest challenge facing t? So being open bank project today greatest giants. I would say so talking next week. Eating sort of seasons right so when we were talking earlier how. Ol- started and I think the biggest challenge about fine was education was trying to explain what was yards banking. Cedric CETERA. Why it is important. I today we have. There's a lot more momentum as he said around these kids right so people are more interested in it wouldn't necessarily their eyes when you talk to them about API's. But because of I mean we're we're based in Germany rights in Europe. As you know there is this obviously to be a recognition music divorces all the banks to open data to prove their artists. And I think what I see as a big chinatown here is that people really stick or the financial institutions Stick to the natural eat regulation. Do not necessarily see the value or see how they can capture the value. You know yawns just compliance rates or how do we really realise potential banking so to me that's execute China's today so it's great that people aren't doing the is there if they're doing it just for the sake of Ignition just in the NEMATODE SCOPE of Rick Nation. That's not really our vision right. I think there is much much bigger opportunity to go beyond and that's on of another struggling today. But you've you've seen some great changes right. The regulation came about after. You guys were already doing your thing. So you've seen you've already seen in a way you've seen massive progress in the. Us is very far for all any of this kind of regulation. Oh yeah absolutely. I mean it's very different from two thousand ten. That's for sure I mean and to be honest with you like I mean we. You know we do. It will go this way. We knew early on that. You know it. It's kind of inevitable or for furnishings. Ibn expected to be that fast in that rig nation. We've got sean today. It's not just to in European Union. There's forty seven countries around the words that Maher of either have adopted open back near revelation or are considering it. I think this is you know. This isn't maxine Amazing how fast transit achieved. Ira globally in fortunately as you said countries but I don't know maybe teams in changing the future but but no APPS. It's it's it's radically different today. are changing but my point is you know it's it's also it can be regulations. Really good Very much in favor of that but it can also be trapped. You know if if what it does is just a enable banks to offered some. Api's no one wants to use. If you're I mean right so I think there are risk right. It's regulation is not going to solve everything. I think it's a great start. But it's definitely something that solve everything right in some banks of asked for delays in there are exceptions right to before they're going to comply hasn't happened or maybe that was in the UK. I was reading about right. Yeah no I mean it's it's it's it's happening it's happening everywhere on lays there. Are you know the not so reliable in the end? So it's you know there. There are challenges for sure and But you know that's why companies like like like others are in the market right really to to dispense of the challenges. That are confirmed the Boeing is deploying open. Api is no easy fit for sure. It's it's it's plenty of challenges to two with only Pi's are not created equal absolutely absolutely agree more. What a key to banks in. Fintech companies working together effectively and successfully. While I think first of all they need to understand what success means for both sides. I think like the discrepancy between expectations between the two I think is a is. A key of failure factor. That's read that way but I think what? Yeah typically what we see in the engagements we do and we worked with the likes of honor h received puberty In we have eleven thousand developers Fintech device around the word using API's to build financial applications and and to me. What's really important is to tap the right technology in place to have some sort of safe-space To borrow some of the of the lingo from a from among tech environment so I think having things like sandbox environments fintech competitions really safe safe spaces safe environment controlled environment where both the bank and Fintech and try the relationship. Risk-free is really important in I think above all what you also need is. is in alignment in culture between the two entities in some some form of sponsors. That can really take a leap of faith in the Fintech and make sure that things are happening is it really is more of a challenge for most banks than a technological one or is it is.
"bank" Discussed on Bank-Fintech Fusion
"So like from a technology perspective when you think about what's happening with peer to peer financial services technology whether it's completely decentralized or semi decentralized or some other model what I find fascinating what find impressive. What I find amazing is that you have all of these people so excited about core banking like when I was a core banking technologists. Who wanted to talk about core banking like nobody? There was no interest in this space. Nobody was thinking about money movement. Nobody was thinking across order. Nobody was talking about. Kyc nobody was up against these problems and thinking about how to apply technology to solve these problems now. I think there are many people as I think we have seen. Some false starts and various various challenges in this space. But I think there's still. No I have a lot of enthusiasm or distributed decentralized financial services technology a lot of enthusiasm for Technology being disruptor. Basically you a new kind of new kinds of networks and new kinds of meshes and you trust relationships So you know again. I think it's still pretty early days but You know there's a lot of interesting stuff that could that could emerge there. I love hearing positive. Stuff partaking these days. The overall tenor is so so downbeat. But it's good good to hear Good to hear but the bright side. Chris thank you so much for joining us today. Phillip take traffic. Always good to talk to you. And thank you for listening if you enjoy this. Podcast subscribe on Apple podcasts. Or wherever you listen to your favorite podcasts and check out the links below will put links to all the stuff. Christie's working on or Josh Coho and thanks again..
"bank" Discussed on Bank-Fintech Fusion
"Absolutely so you know what are the. What are the things we needed to? Innovate industry versus potentially existing players was to bring a much newer approach and put them one technology stack on the industry which is sometimes difficult. Some legacy systems everything in our ecosystem is API I So we have an abstraction layer that we can put on top of any core operating system Importantly a code base is is unified. I'm so it's truly enterprise software so one CO base which goes across every single customer whether your bank at four hundred million or a credit union twenty billion you get the same code base for mantle and that means that every Wednesday you get an update from US forty updates last year instead of sort of the paradigm. You might see the industry of one or two ringing lottery updates ear and say what that lets us do is it. Lets US continue to stay extremely relevant and very cutting edge and that's the top of technology that is being used in industries outside of banking And needs to come to banking. How much of a challenge is it to work with the corners Is it a kind of one and done thing or is it a constant Struggle yes so there's no shying away from it. The expertise to into to interact with the core operating system is very unique and we do see a lot of INTEX. And you. Entrance into the market trying to obstruct away from that and not because it's difficult but it's required. It's just required. You can't innovate industry. Without a good understanding the core operating system they are entrenched. They're not going. Anywhere is an amazing alternatives. Right now for banks to switch in credit unions to switch off it and so you need to be able to integrate with him. We we built that capability from day. One so we have team members that built you know across team we've had Each engineers genes is one of the first five Technical highest at various operating systems. Like smicer vice it. Dna and to date. We've done over a dozen different core banking systems successfully. Integrative lives so it's a challenge. It's an area. You have to invest in and understand. It's not the sexiest area of the technology stack for our engineers to work on. But you have to own that and you have to understand that. That's a challenge and you have to be a safe pair hands there in bank customers understand nothing about it which is probably a good thing. Yes exactly yeah. We don't talk too much about strache lehrer. Api set in sort of bank sales conversations but sometimes with the technology effects. They get really excited about what it can do. What's the most important lesson you've learned in your in your brief career so far shore? I think you might career as as opposed to just walk in this industry. I think the thing that I learned my F- way back when using when I started my first company was and I think it serves me well today and mantle as an organization is we often get comfortable leaning on what we liked doing what we know how to end. That often isn't actually the thing you need to do to grow your business or with a client as I like the tangible example of my first company I my background is I. Wouldn't you know my Undergrad? Was in finance. Went to law school when I was an investment banker for a little while after college before I saw the light and became an entrepreneur and when I started my company I spent a Lotta time legal documents and financial models. Because that's what I knew. And that's what I thought was what made a difference in actually makes very little if any difference and what actually makes a difference as getty out in token customers and understanding what to build and solving problems them and bringing solutions and selling and delivering. And if that's the most important thing in the business then that's where you as you know. One of the more important people in the company in his is one of the founders needs to run to and make your own and it might be something that you're uncomfortable doing. Maybe no particularly good at but you need to get comfortable and you need to get good at it and so That was a personal growth thing for me and I think it also says mantle because just like you until we were talking in the last question about the core operating system. That's not something that you know. A normal one full stack engineer is wanting to understand typically wants to work on. But it's the unsexy thing that is not comfortable but it's the thing that makes a really big difference so maslow's an organization that runs towards us so with so many problems to choose from. How do you? How do you choose which problem? You're going tackle tackle next the customers. Tell us right and so we have to stay very close to customers you know. They know their problems best. We need to be good understanding and passing through what they're telling us. We often have individuals. Tell us and this is no fault of their own. Because this is how express it we have banks and credit unions? Come to US WITH THE SOLUTION. Not The problem. So it'd be like it'd be great if you built this right and that's good that's good feedback but even better than that is. I have this problem right. Because of the the solution that they jumped to embeds a whole bunch of assumptions of what is possible but we actually know a whole another set of things as possible and so if we have the underlying problem to start with we start with a blank piece of paper and other people necessarily might not because of just the paradigm the Bainian. And so it's listening. It's a lot of listening. It's a lot of asking leading. Questions is a lot of talk about what's happening now. What are you struggling with? Technology problems with non technology problems. Sometimes the biggest insights gained from conversations that have nothing to do with technology. Because the person doesn't even realize it technology insolvent right. What is the biggest challenge facing mantle? Right now yeah I'd say it's the way. The industry generally thinks about technology. I think for a long time and I certainly feel this in some of my conversations. Certainly sometimes don't that. The INDUSTRY VIEWS TECHNOLOGIES AND EXPENSE. Which makes absolute sense because on the piano you talking to a bank? Cfo It is on the expense lot. Reid it's reported to the FDIC is dot processing. It's an expense. Look how much I spent on this this this correct? That's right next to payroll and rent and utilities expense. It's an expense from an accounting contract. Bought if you think about technology in other industries a lot of the buying decision in technology is talking about it as a capital investment right and it's a lot of institutions look at investing technology. Just like they look investing in a new branch or new division or acquiring. Something I can spend a million dollars technology like it's been a million dollars on headcount I can spend a million dollars acquiring this business. I can spend a million dollars investing in marketing right. It's capital allocation and often the questions we get when people looking to purchase technology is expense questions not investment questions. What do I mean by that? It's going to cost me. How do I minimize the cost versus great? Once it cost me. How do I minimize cost? But also what is the expected return from the technology? Right if I if I go and buy a million dollars technology whether it's with mantle or anybody else how is my business economically going to be better off? Am I gonNA drive five hundred thousand dollars of cost efficiency? Am I going to increase by revenue growth or in this case deposit growth or asset growth or whatever it is an inner banking context? Am I going to increase that by X. percent next year? What is the economic return that I'm going to get all my economic investment and I think the banks understand that concept and opportunity costs and capital investment because they do these sort of calculations all the time with build a new branch of by a competitor or return money to their shareholders but in the Pasta? I haven't thought about technology that way. Because usually the options they have gotten never express or articulate to them. What they're expected returns should be right there at the expected. Return from all the technology that brought in the past and so when we come in and say well his the cost of that technology but he is the results that we would like you. To See or hear the efficiencies you should gain quantified. I think that that changes the paradigm and that movie me industry in that way to US thought Asking vestment questions expense questions I think is the really big thing holding back a lot of institutions from really innovating here and. Do you see a lot of disparity juicy some institutions. That are really looking at this in a more enlightened way exactly right and I would say the the people that are first over the wall and the fos- followers are asking the question. What's what's all the fuss about over here looking at it critically of course because you absolutely should look at it more in that way and I think that those that are potentially in that bucket who are a little bit more wait and see still thinking about it as an expense question. The proof is GonNa be in the pudding if enough institutions. Make these investments in Dr Ray over times which I think the of the world are etc You will see more and more. Do this. The The BB&T merger with Suntrust and the biggest rationale about one of the biggest rationales was taught cost efficiency and the ability to invest more in technology. That was the second one right. Billy do they literally Saudi. Jp Morgan and said they're spending billions of your technology. We need more at eleven billion or something exactly and by the white technology expenses. The fossils growing light on expenses in the industry right is doesn't expense reduction pushing the industry but technologies growing double digit category because banks are realizing that if they don't invest here they're GonNa see attrition in the customer base and so it's very topical.
"bank" Discussed on Bank-Fintech Fusion
"Catalyst and I'm here with Roush Patel Coo and co-founder of mantle. Welcome Raj thank you very much. Thanks FOR COMING UP. Tell us a bit about mantle and tell us so what drew you into financial services. You could have been anything in the world in here. You are working in Fintech. Why is that show yes so Mantle is an enterprise software company based in New York we exclusively bill technology full community regional banks and credit unions across the United States. We don't drive any of our revenue for money center banks. We don't drive any of their revenue from Fintech Fintech clients it is primarily full community and regional banks which is hopefully the owner of this. Podcast we really got drawn to the idea by setting off the bill to challenge your bank which is a very very popular Ford. There's there's a few of those those around and then we're still a few of those around in two thousand and sixteen when we kind of thought about this idea when we were investigating that one of the things we realized when we were looking at the landscape was that actually. You've got the Money Center. Banks that have the infrastructure and the resources to invest in technology. And you've got the NEO banks and the challenge of banks that are coming through and also really interesting technology and then you had the middle and who is getting squeezed in the middle it was community regional banks and credit unions in the United States Twenty five years ago they had six. They had The Money Citibank said sixteen percent of all deposits in the United States. Now that fifty nine percent. And where's that coming from? It's coming out of the community regional banks and it's going to those money centers in those banks and what's happening is that squeezing competition in the market is giving customers less choices and it's and it's and it's really hurting the industry and that's not a good thing for the country. Fewer those banks every day. There are a few of those banks every day and one of the primary reasons for that. Is The technology gap right? Because those banks and credit unions providing excellent service. They're providing more compelling products right whether or not being able to compete is on the technology side ninety six percent of all technology and community. Regional banks is outsourced. And unfortunately it's outsource all the gully and those players have been around since the sixties seventies and eighties. That's when they'll founded and there have necessarily an incentive to innovate because they've got a captive market and so we saw a really big options to bring the mindset of intact and banking backgrounds to that space and really helping provide a genuine alternative to the core providers and and hopefully help help really reinvigorating continue to grow the industry. Because we think that's a really good thing for the country in consumers and so what exactly is the product you're selling absolutely? We have a number of different products. Probably the one when most known for is our account opening sleep software so we started primarily in consumer accounting because that was an area where we saw a really big need only twenty percent of all banks and credit unions in the United States have account opening online right and obviously we know that the Internet is where the world does business. And so if you can't meet the customer where they are Econ hope to compete or retain those customers particularly for the millennial generation the newest generation. So we're all going to the big banks because that's where they absolutely right like forty. Five percent of millennials identify one of the big four one as their primary banking relationship so the next generation is literally walking out the door and going to those. And they're going to own them for life if community regional banks. They compete.
"bank" Discussed on The Score: Bank Robber Diaries
"<Silence> <SpeakerChange> no <Speech_Male> limit <Speech_Male> because it kind <Speech_Male> of sounds like you're doing it wrong. <Speech_Music_Male> <Speech_Male> <Speech_Male> I was doing <Speech_Male> wrong for you <Speech_Male> for me. <Speech_Male> <Speech_Male> Yeah it's interesting. <Speech_Male> I mean I love the question <Speech_Male> because it makes me realize <Speech_Male> <Speech_Male> I was <SpeakerChange> like me. <Speech_Male> I mean we already. Oh <Speech_Male> and every prisoner. Who <Speech_Male> would ever met would <Speech_Male> could talk? I <Speech_Male> wasn't like other guys <Speech_Male> court. <Speech_Male> Just I'm not <Speech_Male> I wasn't <Speech_Male> raised in <Speech_Male> the criminal milieu <Silence> so I didn't have the same same <Speech_Male> <Speech_Male> mom criminal. <Speech_Male> Bishen spend my <Silence> money that way you know <Speech_Male> I mean <Speech_Male> anywhere <SpeakerChange> like jewelry <Silence> <Speech_Male> closest I <Speech_Male> got to the kind of flamboyance <Speech_Male> was tassels <SpeakerChange> on my loafers <Speech_Male> <Speech_Male> <Speech_Male> <Speech_Male> decent <SpeakerChange> flight <Speech_Male> on my ties <Speech_Male> so joe. If you weren't in <Speech_Male> it for the Party or <Speech_Male> the women or the <Speech_Male> drugs I mean <Silence> what <SpeakerChange> was fun about <Speech_Male> it. <Speech_Male> Bank robbery was fun <Speech_Male> for me. For <Speech_Male> several reasons. <Speech_Male> One <Speech_Male> <SpeakerChange> was a fucking <Speech_Male> bank robber <Speech_Music_Male> <Speech_Male> to <Speech_Male> <SpeakerChange> bank. Inquiry <Speech_Male> was fun <Silence> for me <Speech_Male> in dark <Speech_Male> way <SpeakerChange> because <Speech_Male> I got to <Silence> be <Speech_Male> <SpeakerChange> <Speech_Male> I got to <Speech_Male> express my power. <Speech_Male> You know the the thing thing <Speech_Male> that happened and bank <Speech_Male> robbery the alchemy <Speech_Male> and there were eye changed <Speech_Male> the molecules in the room <Speech_Music_Male> between me <Speech_Music_Male> and somebody <Speech_Music_Male> and I may I <Speech_Music_Male> could like they became <Speech_Music_Male> like my puppet. <Speech_Music_Male> I can make make <Speech_Music_Male> him do it. All that <Speech_Music_Male> kind of power <Speech_Music_Male> was super <Speech_Male> fulfilling. <Speech_Music_Male> <Advertisement> That's one of <Speech_Music_Male> the reasons I loved <Speech_Music_Male> being a bank robber <Speech_Music_Male> and so <Speech_Male> whether I bought <Speech_Male> you know nice clothes IOS <Speech_Music_Male> or motorcycles <Speech_Male> and cars and spend a lot <Speech_Male> of money at the end of the <Speech_Music_Male> day the <Speech_Male> one thing that was super <Speech_Music_Male> fulfilling was <Speech_Music_Male> I made that Shit <Speech_Music_Male> happen <Speech_Music_Male> and when I went to bed <Speech_Music_Male> and not unlike I'm Bagai <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> and being that <Speech_Music_Male> <Advertisement> guy being <Speech_Music_Male> him fucking <Speech_Music_Male> fulfilling <Speech_Male> so everything <Speech_Male> after that is <Speech_Male> incidental. <Speech_Male> Well it's bonus <Speech_Male> to the thing <Speech_Male> if I can <Speech_Male> if I know <Speech_Male> that facilitate <Speech_Male> ten close friends <Speech_Male> happiness because they <Speech_Male> come back from the Stevie wonder <Speech_Male> concert and <Speech_Male> it was fucking religious <Speech_Male> for them. That's <Speech_Male> fantastic. I <Speech_Male> love being able to <Speech_Male> be that guy to <Speech_Male> who has the money <Speech_Male> to spend <Speech_Male> on friends to <Speech_Male> facilitate that <Speech_Male> right but I <Speech_Male> also <Speech_Male> have this way <Speech_Male> where I have this rage agent. <Speech_Male> I'm thinking if I can <Speech_Male> get paid for a coup. <Speech_Male> I need to express <Speech_Male> this rage. <Speech_Male> I can't keep stabbing <Speech_Male> my dad to feel <Speech_Male> what I WANNA feel. <Speech_Music_Male> That felt <Speech_Music_Male> great that <Speech_Music_Male> powerful title. <Speech_Music_Male> <Advertisement> I want to <Speech_Music_Male> <Advertisement> have that move <Speech_Music_Male> <Advertisement> out of me still <Speech_Music_Male> <Advertisement> and <Speech_Music_Male> <Advertisement> and then I found <Speech_Music_Male> <Advertisement> this way to get paid to do <Speech_Music_Male> <Advertisement> and so it was perfect. <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> You express the rage <Speech_Music_Male> <Advertisement> they give you any anyway <Speech_Music_Male> <Advertisement> and only orico <Speech_Music_Male> leaving. That's <Speech_Music_Male> that was it. Yeah <Music>
"bank" Discussed on The Score: Bank Robber Diaries
"You know the thing is when people who asked me about Oh your bank spend would you spend it on. I think. Watch too many fucking rap videos. I think I think I had all this bleeding advocate jewelry. I had fucking fucking Lamborghinis and on a bunch of you know women at the beach and parties. I wasn't that dude man what I would do stuff like I would get ten tickets to Stevie wonder concert in. Give it to my friends and say go party. Here's money or maybe I'd go to dinner. I with them and take them to such a civic would just go. We'd have a party eat. Eat and I would just pay for it. All it was it was just dinner. It's not I was buying everyone rings and I look I just worn. I suits that. Are there that were tailor-made thousand dollar suits our two hundred and fifty dollar loafers. I would spend hundreds and hundreds of dollars to go. You know. It's been a thousand dollars to go play golf all day. Two rounds of Golf. But that's not sexy. That's that's Bro. Stuff the bro stuff is not sexy. I'm sorry says I'm you know what I I mean like. I don't have like friends. Who would rob banks and then go get high and then they would go to a hotel and their night would end up really crazy? You know there would be fighting's shootings stabbings and and prostitutes and an all sorts of craziness mine. Non of that man. The the thing I was doing was just trying to like get a lot of money so I didn't have to feel like I was poor. That's the thing it was all all about. I can pay my way. I don't have to worry about money so when I would get a bill. I was excited that I got to go to get my checkbook and and I can pay that bill right away I got I came home. There was my cable bill. Pay To write off. Because I didn't want anybody holding anything over me so like I would get twenty thousand dollars under my bed get low like then maybe down to fifteen. It's time to go rob again because I felt like check. Check it like that fifteen could be gone next week so I. That's how I was living like that. I mean when you think back about when you think back on the time that you were robbing banks do you feel like you.
"bank" Discussed on The Score: Bank Robber Diaries
"So what was going on around Joe as he was robbing banks. What did his friends and family feel? Let's ask as you know. There's a lot of darkness and the stories we try to get some of the some of the fun stuff to do. You remember some fun things that Joe used to do. Oh Yeah Yeah Joe. Joe Is an Avid Golfer. Although he he was pretty bad at this is Joe's brother Paul again but he also had his own personal Taylor in San Marino. He had old. Yeah Yeah there's all guy fuel he would go there tailor made suits and Hiba. You know joy pretty healthy taste as far as you know wanting nice things so he would go the Taylor and and have his suits made tailor-made and then he would buy you know that night. Maybe he would he would go out and have dinner where he would buy. Food for everybody. It would be for like ten twelve people. You'd pick up his jacket. It'd be like no big deal. I'll pick up a check kind of restaurants Nice restaurants too man. I'm talking it out. I'm talking about Kasit down menu before ordering wind bordering to thirty four course meals and it's a few hundred bucks. Joe had had a love for things that were nice. This is Josephine W Okada but he was also very generous so despite the fact that he got the money illegally he would spend it on whoever he was hanging out with and there was no oh restricting it or anything like that. He had a black bag and he had loads and loads of money in this bag and they were all like like singles. Fives tens and twenties. And you know if I asked to borrow money he would just give me open up the bag and he'd give me like a stack of one hundred dollars but it'd be all in one incident or five even Jimmy. Oh five I'd say hey. Blanket abroad fifty bikes and he would say. I hear most people who are making salads in a restaurant aren't going going off the way golfing missing shifts. Here's an Heffernan who we heard from an episode. One she worked with Joe while he was robbing so it seemed like he led this other life. But I wasn't part of that other life fewer jobs front he I guess was buying friends. I don't know what he thought he was doing without but he got out of. I guess it would have been the city jail. And and he talked about how he was turning turning over a new leaf. Something like I don't WanNa do that again. which turned out to not be true? He would drive nice cars. It was a lifestyle for him. It wasn't just I'm Robbie banks if is like I'm robbing banks but I'm also living a life that I've always wanted to live. There was a party I went to once the men were playing poker and Joe was sitting there and he was smoking a cigar. WHO's drinking thinking? And his girlfriend was sitting Bob or something and sitting on he was a king. I had the feeling of like this is where this is Joe's comfort place or anything. Joe You wanted to do joe dead. It was living a life that whatever he wanted to do he would do. Money was no factor at I. I guess would be the best way to put it because if he wanted to go to concert. You just go rob a bank and go to that concert if Joe wanted to go to Vegas and hand out hundreds of dollars to everybody who was going with them and that's what he did he would just go rob banks that day and then he'd give everybody a few hundred dollars you know if if he wanted. Take everybody out. Because it was someone's birthday you would go rob a bank and he would take everybody out for dinner. That's it was it. It was a cycle that kind kind of continued to do for I guess eighteen months or whatever however long he robbed.
"bank" Discussed on The Score: Bank Robber Diaries
"Uh what fuck and I I call the Fuck Avenue Carson. Oh you can't let it idle. Gee just need to make a move that you're fine fine. I was like okay so whatever I ended up getting right back a couple of hours later to the thing and I put water in it and the traffic. It opened up and I was able to go home in that night. I get a call for late at night. I get a call from an excellent ahead in San Diego County jail and he says We doing any work down here today. I said Yeah Yeah Man. He says you're all over the TV on crime stoppers. They think you're Pakistani. And they think you live. You WanNa say all all right good to know good enough so those two guys had me in the back seat of the car. They saw my face. I came to the door. I looked got them you know. Hey thank you appreciate it. Whatever the next morning these guys come into work and like we're looking for this mail? He robbed four banks today. Have you seen anything of you have any information you let us know and I wanted to those cops say we gotta go. Tell Him we I say keep your mouth shut up. Tell anybody that we have this kind of car. And we drove him to get away. Yeah happening right. I mean that's an interesting. What do they do? What do they do? I guess is going to be that. They'd didn't tell anyone about it. I think that's a good guess. Aw We'll be right. Back.
"bank" Discussed on The Score: Bank Robber Diaries
"What's the most you've ever got out of one thing and it was the savings and loan and I'm wearing a for Dora trenchcoat. It's raining out so I look goofy but I don't look completely Lee Lee out of line. I mean. Let's not like summer hot summer day with door and trenchcoat you kind of understand. But I walked in walked to the manager's desk in the lobby I tell her we have a bomb. I have a gun. tickner default she opens the door. No problem grabs a key gets up and starts walking me across the the lobby totally compliant. She calls the woman behind the counter. And you know. She's like whatever Linda me at the wall and then say okay and so she starts walking into the vault walk. We're walking across the lobby manager on with opens up the door. lets us into the back closes the door. And now we're all three in front of this vault door. They league open the door. They step inside. I stem side with them. The two women are now opening a second door so they both neither key to unlock that. Now now once they get in the and you know Kinda push him involved to get in there. Now we're involved and Right as you walk in right in front of you it. It looks like a library index card box at the cart. Cat The old school. He'll old school catalog character. That when you pull them out really long they're really You know small little on files. But I'm guessing this one's not filled with library booknotes money it's deep and it's long and it's filled with rows of money so there's twenties and tens and fives once thing is I just reach and I started taking all the money and I could see what I'm getting. I'm getting all the money as as soon as done in. This goes fast I look over. Threaten him again. Don't turn around Modena's county one hundred. Whatever I go step out that door now I? I tried to go to the door that I had been led into by the manager into the teller teller station. It's locked era key so I got it hop to because the counter to get into the lobby to get out the bank. Fortunately for me. There's a small counter off to the right one for handicapped. So you're sitting there at wheelchair you can do your work where you're sitting down and so I have to step on a cherished up on that jump off into the lobby and I look around and if people looking at me I'm you you know I'm a guy jumping over counter And I remember when I saw the movie public enemies with Johnny. Depp is one bad. SEC puts this is hand on the counter and he hops over it. He's hopping over small fence. Start Seeing hotel and his coats coming over. He's wearing the door and I was was like man that looks sexiest. Bugging like I did that. But dorothy a trenchcoat like that dude right and but I remember looking at the thinking that it's fucking cool and I didn't actually put my hand on hop over stepped over but it had the same feel like you know when everyone looks over me. They know okay so bats going on disguise walking out of here. He looks at us with menace and he gauges everything assesses. We're all right and they walk out of here fast. So they know I just robbed a place is the bank and start running. I get to my car. I drive away and You know I'm far enough away to pull over 'cause the thing you know I got a lot of money. I wonder how much I got. You know I'm not going to drive. Forty five minutes home in our home to find out how much money I'm going to find out. As soon as I feel safe I pull over. I counted thirty. Two thousand plus. Yeah biggest haul. How did it feel after getting that much money? You're so good and I love your home with as a stupid question. Kevin's laughing too. Take care we'll be right back. partout based guys finish first. ooh Okay sure. We're on the five going north out of San Diego North San Diego County driving home. I just robbed four banks in San Diego like fifty thousand dollars a year over fifty thousand dollars on me and fanny pack in the back seat and get to a point where I'm driving and I could Z.. Far ahead like I could see part of the freeway winding there and it was all red lights and I quickly came to a stop. It was parking parking lot we stopped we stopped and then was it and you were inching forward at a crazy. My new rate could not understand why maybe it was around in this part of I five coming between San Diego and La. This is Camp Pendleton. So there's nowhere to get off the freeway exit ramps. There's just like there's nothing nothing there's just three way and you're stuck on and you're stuck on it for like five miles or something like that There's there's nothing you can do. I'm thinking they're looking for me. They clearly decided that I rob banks and they're shut down the field ahead so like okay. Okay I get how this works so I don't know exactly what I'm GonNa do Kinda panicking but pretty soon. The decision is taken from me. Because is my car starts overheating. And I what so I- inch inch Ngoga. Let me go get through. Let me get I gotta go off the right so I get off the right and on this lane right here and so I- partly car. Maybe Brian you're actually and then I start going to call boxes here. There's a callback here. I start going to call mocks because I think Oh cool. I'll just stay here. I'll have a truck come and pick me up and take me out of here. A tow truck so that sign and the further further back. The signs are all block a big exit crossing the closed down the call boxes home like these smart pastor man they like they made sure they took that option Russian away from me so I can't do that right so And there's a police officer. I could see on the side side of the road way far behind his nights going on coming at me and when he he comes up to me so now it's a now we've pulled with over kind of like you pulled over and he come. He drives a next to me and I put on the most like oh sorry kind of like inconveniencing. Hey My cars over here and he just looks at me just calls me and says if there wasn't an accident up ahead I will take you in right now. Don't you dare get on this like screaming at me. He's just so pissed and he thinks I'm trying to get over and I'm like my car overheated. And he he doesn't WanNa hear he takes off. So that's when I get out of my car and I put the money money around my waist and I start walking off this offramp here so I walked down this offramp down here at the bottom of the offramp. His Car Park waving everyone in there is the Kabul. Just scold him I walk up to him and say sorry about my car. But it overheated and he could see that you know clearly. I wasn't trying to get over and I don't have my car care. I said is there gase. Sure something there he goes. No you gotta go under the freeway hair and go back where you came from three mile four miles back. There's a gas station all right. Thanks really trying to do the lake. I'm a college kid and fucked up and you're the authority and I apologize. And he was like you know he actually was nice about it and again I'm that away a new thing over there and you'll be all right so I go onto the freeway and I saw walking out the onramp and I don't care because I got away good. I'm getting away I got I got I'm Gonna I'm going this way and then I six startled by and I turn around and there's a highway patrol car right pulling up to me. What are you doing? I said well that guy. You're officer down there your your buddy whenever he He told my car heard overheat. I'm like all bumbling I he told me that that I could go this way. 'cause I don't know. My car overheated just panicking like pretending like just so scared. Everyone's everyone's authority and again the backseat. We'll take you there. That's a really goes. Yeah yeah thanks I hop in the back and all all happy about it and And so we started taking off in other cops and they have to figure out you know who I am. They're suspicious and they have to ask. What are you doing? Where do you come from? I said well you know I met this girl at USC we're at a party and she She lived down here so I came down here for two or three Eh. You know how that happens when I have plenty it was enough. Had to get the hell out of there and then like all of a sudden this misogyny that unlike leaning into us us man you get it men women just working there. There wears out whatever they got that and then all of a sudden they just calm down. Yeah Yeah we get it Lee and all of a sudden. We're Bros rose in that car because we're all I get women you know. They're all the office up. Everything was that point and I said he He the officer told me that there've been some accident or something back in and then they share with me that there's officers who shot and there. There's a crash officer crashed and the Guy Crash and then they say you know but the bad guy we got the bad guy and I said well what about the officer. I started eating into a citizen. I care about you guys. What about him is he all right? Oh yeah he's going to be financed. Does he have a family really. Lean on the capacity for the COP thing so that he liked me and they do they like me we pull over. There's a restaurant back there a couple miles back. I said you know what you're saying with the rest of we'll take it a gas car and he didn't tell me me that it overheats so just leave me here. I'm going to make him come down to get it. I said you know I'm fine right here. I'm good the bathroom and everything like all right so I say they pull over and try to get out. There's no handles the backseat sound. Like handles back and pretend like I've never been back. Oh please this garbage for fifty thousand dollars my my Carrying fifty thousand dollars. I mean and they say oh yeah we gotta let your art so they let let me out and the the you know the cop in the passenger seat gets outlets me out and then they rolled back in. He rose a window down on said date. Thank you officers appreciate. You guys is giving me this right and they were friendly to me like I'm we could take us from John. Thanks anyway and they drove off..
"bank" Discussed on The Score: Bank Robber Diaries
"Josie. Easiest bankrupt. The easiest Banca robbed I was actually in a mall not like an indoor mall walking. Plus I'm all for me. I am is an Orange County somewhere I walk walk in and it's super tiny. I mean the the lobbyists so small that basically there's two or three talent Max and then to the left left in the lobby is a little patch of carpet and one little tiny desk there for the manager of somebody. That's it is a little birth barely nothing bank and when I walk in no customers no manager. There's just two women in their in their stools talking to each other head sideways. Talking talking to each other I walk in. They look at me. I look around and this is most peculiar bank ever walked. And it's almost like it's pretending to be Abaga so skinny so narrow tiny little cute lobby and these two women are looking at me and I'm looking at them and I say yeah you know what this is a robbery Jim. You're are walking up to there. Were like yeah. This is what this is just it was really peculiar and they just start they look at me and just just like I said and I give maybe my. I don't have to do much persuade them. Let's do this and they just putting the money up and putting the money up so I'm over here at this Taylor and I'm dumping money my bag. I'm going to Wer bag. Oh you put some more money we get that. I just collect the money and I leave the second other easiest robbery it was one teller was a banker walked in and before I could finish my real. She started giving me the money like even. You didn't even ask for the money. She didn't even ask for big bills I number. She starts giving me the big bills. I and there was a moment where I was like man. You might want to slow down. I thought if if anyone looks at these this camera afterwards. They're going to know that you gave me that money way. Too Fast and like without question without resistance. I wasn't even done. They're going to think think we're in cahoots. That's where I thought like It was that easy and I think I I almost felt like after when I was trying to figure out what was that. Why did that happen like that? That was just too frickin easy. I thought you know. Maybe her boyfriend told her. Hey Man. I'm sitting Sammy on this afternoon. You know and he's a Mexican astronaut just giving him and we can make out that way and so she thought I was. Sammy came in and she thought she thought someone else's rougher wasn't inside job sort of just wrong guy right just a guy who was outside of the inside now but that's what it felt like. Almost like she knock wink. Wink nudge nudge. Here's the money. Thanks for coming in to make it. Looks like a robbery home that night. She's like where's my cut or Sammy comes in our later tries to robber and the FBI. Are there eh resident. Go down to San Diego and I decided that I'm going to rob a bunch of banks and one day get off freeway parking. I the corner of a bank parking can lot. But that's not the bank. I'M GONNA ROB A walk past this bank because the bank I WanNa rob was actually down. There is a shrubbery and then there was an incline incline or decline into another parking lot where there was a bank. Those two banks right next to each other next to each other but there are different levels and a small hill. You with US crazy shrubbery And so you had to kind of run down the road through the shrubbery to get down there big bank and that was a strange bank. Thank because when I walked in is it just opened. There was one of those things I always like to rub early and clearly I was the first customer. There's only one person in that bank and and she was over here on this side at a desk talking to somebody and she looks at me and I hear her say well. I got a customer and I realized that's my teller. She's out here in the lobby talking to somebody somebody in the phone the phone talking so there's only her and me in there right so when she's done she's Kinda far from me. You know. Couple of desks down on the lobby. You know far from me so she gets off the phone own and she now has to like walk further away from me to get to a door on my far left over there to get to the inside the teller station and so I walk up to the teller station should little sure woman and she starts walking to me. PASTEL PESTO station to an understanding watching. This think like going on a journey and so she's coming to me and you know she's walking. I'm watching her still. Nobody walking in from the outside Science Dylan Oh customers walking in still whatever and robber. I miss like fucking Robert. Give me the money now. I just like to make you pull the gun you know. Let's do this and she is so angry at me. She is so pest. Well I meant you had to walk doc. Halfway around the block get robbed like and The woman is resisting every way imaginable. Symbol I'm trying to the big bill. She's give me the once. I'm telling her you know what if any way she can resist resisting and a mad and it shows you one thing as much as I want to terrorize people. If they don't WANNA be terrorized they're not going to be terrorist and I'm not jumping over the counter. I'm not gonNA shoot him. I'm not going to pistol whip them. I have to rely on persuasive enough with my rage to get them to do it. And this one for whatever reason she wasn't doesn't persuaded committed super hard for me and I could tell I wasn't even getting too much money so I leave. They're mad mocking across the parking lot. pissed off walk doc into this motherfucker submarine clucking to fill walking across the parking lot. And I'm passing this bank on the way to my car. This is the first bank I passed to get to this back. Take my fuck it and walk in there and even though the cops are on the way with all this rage knowing that I got no money. Pretty sure I've thumbed through and realized man I may have only got twelve hundred bucks you know little chump change and fucking long and hard to get that chump change. I got played. I Walk in there and rob that bank to uh and I walk out and get away on this because I was mad mad. It was a funky banker remand so like it all of them are not all about you know look at me man pristine will fucking forge my way and got what I want and Aw Now woman wasn't having that she was I may have been too nice on the way journey to be as she's like a fake. A fraud Rod.
"bank" Discussed on The Score: Bank Robber Diaries
"Scene baby is a getaway driver and so the doctor and bank grabbers are getting not to go rob a post office crime. By the way I wanted to commit when I was in prison. So going into the post office and you're going to see a woman Who in the movie? She panicked. She really somebody's going on. She goes and GETS THE GUARD FOR THE POST office. And the big O.. Sloppy dudek shows up as the guard is me so we are going to watch. Let's see what happens here. Okay that's a cool the way glasses go on in that in that dark part And then the street. Oh this is she sees high. I remember you and he she looks at them and goes wait. What are you doing? He's like no no no go ahead like right now. Don't go in Hindi shakes and she goes. Oh Shit. She runs the other way. And he's now looking. Are they coming out of their coming coming in. Here she comes. You bringing a big off of that guy the soccer and say what the Hell is going on his gun he needs. And what are you doing here. This associate who's here they come. I turn Blam I pull my gun and boom. I get blown away a twice final at dignity. I'm through with money. They get in the car. Babies like what did you do. You're not supposed to kill anyone. He says drive Dr Dr DR Congo go and babies like we said to go this. Okay you kill Joe lawyer prepared to buy. Yes to o Spoiler Alert I just want her a little bit and we can see you in the frame here playing a security regard the iron. How did how did this happen? How did you come to be a security guard and baby driver? I wrote an essay years ago. For McSweeney CAU-. Aw how I chose my bank robbery getaways on and this thing is all music seems almost like a musical. It's better than the music on fact. It's it's a choreography a to a bank robbery corey out movie. Choreographed to music So He's in a music Edgar's enter music. He read my say and he produces contact me and say hey we have a guy riding getaway movie. Would you talk to them and I say yes and it ends up being Edgar we become friends or two thousand eleven. He works on the script and consulted with me on the script and He would send me scenes and say you know this is legitimate like is this how criminals act is this and I would tell him you know you want this character to be this shock collar the Nesia ways in which if this is a shock collar. He's not GonNa let certain people be able to say this to him because because that would be a threat to his thing and then you have to have the shock collar actually have to do other things like explain the explain this to butch it up more you know like to give it. It's it's criminal chops. You know like feel authentic. So there's that and then of course the bank robbery stuff I could talk about what was in there however play out I said something once he said. Did you play music on the way to a bank and I said no man the craziest of my head was the music or something like that. So one of the characters actors says something to that effect play music play music on the way way anyway Gary Music He created fantastic characters and and Now I was like okay. You want them to do this. Here's how you do it in. This is how you make them as realistic as possible for works for movie and in to to pull off the story.
"bank" Discussed on Bank-Fintech Fusion
"And we're upstairs from the chaos. That is money. Twenty twenty so welcome. Seth a filled great to be with you. So so you could have done anything in the world. Seth and you chose to do a financial services what what drew you to it. was there a particular problem or issue. that you thought you could solve. Or what was the attraction so I actually came into the financial services world Through a pretty roundabout way. I actually started out my career as a strategy edgy consultant in the airline industry Interestingly enough and I used to consult for For Airlines my I had the privilege legit actually negotiating aircraft purchase contracts. For a long time I bought about twenty billion dollars worth of airplanes which was a lot of fun? That job Bob Had Me traveling around the world Doing doing a lot of interesting Work for that industry and then I my first foray into financial services was I moved over to American Express and I led their global airline strategy group and so worked with business leaders across the various business units at Amex. If you know anything about Amex they do a lot in the travel space. They have a large travel agency. They're huge merchant acquirer for airlines And so they wanted someone who really understood that industry and so I kind of got to bring my airline expertise to Amex and they taught me about financial services. And so I got a good broad view about the issue or side in the merchant acquiring side at Amex Amax The problem that I set out to solve I think having grown up in the Airline industry from professionally really The airline businesses ultimately. It's a network business and actually payments Eh. Financial Services is also a network business And so I think there are some really interesting parallels That that were at play that just made things kind of click for me And made a lot of sense since And I think for me now at green dot you know we're able to read I think an inflection point of being able to transform how people receive financial services and how people do banking and. I think it's just really exciting. I heard a fascinating statistic about airlines. Recently we that the value of their rewards programs exceeds the market caps of the airlines themselves which just struck me as amazing. That is pretty impressive. I'd say that was was more true about ten years ago Since consolidation happened in the airline industry their profit margins have gone up a a lot But that certainly was true for a long time. So you're saying I'm ten years out of date what's permission Asian sticks around long time. What's the most important lesson you've learned in your career either Since you've been in financial services or or before this isn't really A financial services specific lesson for me but I will say in particular in the last couple of years I used to think that business. This was about who had the best strategy who had the best tactics and that was. What made you win? And I'm realizing now At this stage of my crew that actually business is a war for talent. The best people the best talent wins and the best companies can attract the best talent and the best talent executes the best strategies in the best possible way and so For me that realization it has been a real A tiffany for me of just how I think about building a team how I think about What we do as a company and it really is about? How do I get the best players on my team working with me? What's the biggest challenge facing green in dot right now? We're going to get into a little later. All the stuff that you're doing I would say Our biggest challenge is one around education so greenhouse been around for twenty years there's we really create our founders Steve Street Was the the the innovative mind that created the whole concept of the reloadable debit card which took a bank account and turn it into a consumer products. You could buy off the shelf and that was our core business for a long time. Our big challenge is one on education of helping people understand that while that is still an important part of our business and we still sell a lot of cards at at retailers Taylor's like Walmart and CVs and Walgreens we have this new business called banking as a service and it's an increasingly important part of what we do And it's really exciting. You know we have a tremendous partners like Uber That just announced a year a further expansion of that partnership Apple into it it stash and so the the B. Two B. Aspect of creating custom banking programs. is really unique It's really neat. Part of what we do. And it's really exciting and I think people who have followed green dot a who know green dot as Prepaid cards hang on J. Hooks. There's still that education challenge for us to say. Well that is. Yes we do that but we also do this other another thing. That is really exciting. is changing the landscape of banking right now. Green dot is maybe the preeminent example of a bank working within tax six. What is the key to working with Fintech effectively slots? That's an interesting question. I think there's a lot to it I think fundamentally fundamentally it's about Understanding we agreed are pretty unique in that we started out as a tech company. We were founded as the Tech Company and a program manager and then we bought a bank And so it's pretty unique. We have the tech DNA and and so we speak tech versus other banks that Are In this space. You know they were always banks and so it it's harder it's not in their DNA to work at the speed of tech to do things like rapid prototyping into you know the tech ethos of fail fast and and move on and break things. That's just not being agile being agile. That's that's just not a a a typical bank approach And so you know it's really important that we we really Honor our tech DNA and we bring that to bear with our partners. And I think it creates a really productive relationship between us and our partners so you know I think the key What makes an effective partnership is a really good understanding of each partner and understanding their needs? And once you've decided you're going to partner with a particular company and I'm sure there's a long process leading up to that. What what determines success how do you? How do you in Fintech arrive at a decision about what will make this partnership successful? We pride ourselves in creating products that meet strategic goals for our partners and each partner has its own specific goal that they're looking for so for example Blooberg which we were just talking about it but you know the driver card product. The driver count product is really the purpose of that product is actually to drive loyalty not and retention For their drivers they really make a fantastic experience for them. You look into it. For example we have the the The turbo herbal card. You know it was really about turning that relationship from once a year at tax time relationship into something that would last year round. It'll it'll be an engaging ongoing touch point with that user and you look at stash is about adding a new a whole new set of services his to round out a financial picture for stash users and to create this you know fantastically engaging new product for them and so each partnership has its own reason for being in the metrics. That are you know whether it's driving loyalty driving engagement driving retention those they tend to be the the the key things that are important for them so green dot is a technology company. As you mentioned. That's that's in its DNA. What currently we developing technology do you think has the most potential to benefit either? Financial Services is a space or or you guys in particular what are you. What are you keeping your eye on I? Do you think we are just scratching the surface on AI That probably you could probably give that answer that same answer in twenty different industries But I think it is going to be particularly relevant for For Financial Services. I think it's GonNa have implications around customer service. It's GonNa have implications around fraud. Risk Management Every area of our lives in fact rate is gonNA play an incredible incredible role. Yeah totally totally agree So that's probably the the the the area that has tremendous upside opportunity. So Green Dot is taking the stage today with multiple partners. We're here at money. Twenty twenty and I think you're involved in building those relationships have how do you go about building and maintaining those relationships with With companies companies. What does that? What does that process look like? Well it's a long process. It's a lot patience. Lots of patience The Way I organize this is my team. I had the belief that there is significant value in having people in Business Development and what I do who have deep understanding of particular verticals and so I've got folks on my team that have deep understanding of the GIG economy platforms platforms. I have folks who are focused on investment advisor and wealth management. I have folks who are really thinking about the small business segment. It's an area area that we're you know we're very excited about. There's lots of opportunity there. So what does the process look like. It's a lot of you know going to conferences like this Sitting down meeting with people. You're listening and like really deeply listening to. What are the challenges that they face? What are the things that they're trying to achieve and and then thinking about our assets and capabilities and thinking about how can we put that together to create something that meets their goals You know I say it be. She is really about listening deeply understanding a need and then tying it back to a set of capabilities and assets that we have that can can then create something new for parts. It's it's it's really fun. You know my job is kind of like we get to create new businesses Mrs With partners that are really exciting. So it's a lot of fun so last question. You came out of a regulated industry the airline industry and now you're another regular industry but you're meeting with start. UPS that are maybe not as sophisticated around the compliance regulations aspect. How do you how do broach that topic and how do you? How do you work all that stuff out? I think you know particularly in Silicon Valley Yale. You mentioned that the you know their their philosophy is often move fast and break things And that's not a philosophy that regulators appreciate You know I think it's really just about being very open and very transparent and we sort of position ourselves as a guide you know we are the we've done this before. We've launched a lot of programs. We operate at scale and we can really be a trusted adviser to fintech startups that are looking to grow into these New Areas we've got great relationships regulators. you know we we stay up to date on on all of the regulatory environment And so I think it's really just about being that resource for our partners and helping them. Guide help guide them through the path. So thanks so much for taking the time today my pleasure anytime thanks for listening to thank fintech fusion trump..
"bank" Discussed on Bank-Fintech Fusion
"Yeah can you tell me about what you're doing now with Embiid embiid Casey. I know you're in Kansas City. At the moment I think yet I am in Kansas City. Right now yeah we so basically like I mentioned earlier. Our initial products on was really focused on it. Just you know helping. People Reserve Financials but later on author finances so we weren't having any money so when someone's saving money through platform we're actually moving. It was just the track they have to. You know separately go into their anger cowboy move the money or maybe they will choose not to do that. And the and and so the next stage was to be able to actually turn those into real deposits into Pluto also got Bama like experience for saving money. That's not what we like to call it and it was NBC specifically with them to Moshen F. B. O. attacks on Pluto safe. I'm so is going to be. FDIC insured and our the goal is just make it really easy for people to stay from the note that game challenges our platform into their goals. I did this same CAL and so we're really really excited about that. Were hoping to see Masha within the next couple of months so. NB Casey has been very active in ecosystem lately. what conversations conversations if you have the feminine would have said to you about their interest in Fintech in what have you seen. I guess directly since you've been there. Yeah so Casey. I've never heard of that prior to the tax arts program when I met them and that's not surprising because they didn't really start getting big on scene until I just over a year ago or so something like that within the the past two years and I think what really stood out to me with that they were the first the first nudity bank to launch in accelerator program. And so they've really. He made a huge effort to get in tech world to meet as many tech companies and boundaries as possible understand how they can Arner with them and not not not only the Obviously want to get more to audits right Ebony. Bank does but they also genuine. The habit mission to approve the financial health the Americans so you know take a look at consideration thick website or they'll list out missions. They have around the end. Our conversation as with them wasn't just around. How do we increase audits? It was really around House Pluto into this changing mask wrapped in tech in terms of helping to improve the Financial Ashok Americans in and all the things I mentioned earlier about. Thanks struggles to understand our customers paint Eric. Few right now we're very refocused on upbeat AC- ran but you know in the future could be a potential ways for us to be able to work in closer Yelling Kudo onto more for evil and so everything would just rely. We've talked them in so we wanted to join because of their Michigan folks coach. Do they have a dedicated team. fintech engagement engagement team or is it. How does how does it? How does that structure your your engagement? Yeah so they do. They do I think it's a little bit informal. I don't want to speak for them but they so you have a team in Texas And specifically with Albacete Tech Program. That's kind of one of their primary vehicles engaging with startups on it's a program were they For the sixth startups. I'm to invest in Fifty grand each of focus is entirely on building out that partnership with the the bank and some of the companies are already had army shipped with Mike we already had partial Casey prior to joining this city in program and because he definitely is is released acidic in their strategy right. So you're you're very specific a about Gen Z.. So because you're dealing with college students the the industry as as a whole I think. Tends to lump millennials Gen Z.. Together but obviously you see a difference between them. Do you see a slightly older cohort as your potential customers as well or you really sticky to that to the College Age specifically. Yeah so opening. Our goal is to be able to grow our customers. Immerse College is kind of starting point. We will lead when you. That's Isis released dark matter to the action that you're taking more so than any the other other partner life stage from the universe from behavior standpoint are certainly universal or any national offices or anyone. That's looking for more approachable. approachable way to start managing your finances but just in terms of our ranting on our strategy reaching the details of products of the features that we have we I tried to focus on the coliseum. On example is that we have each. That's called up here comparison where our users can actually anonymously finances to. Did anyone else liked them. Even Saint Hollis Kansas. And that's an interesting behavior ship because the older generation are going to be a lot more hesitant in wanting wanting to even shared her finances. Even if it's anonymous there's a lot more concerned about that but This younger generation because they grew up in this world of social media inscribing all of that. They're actually a lot more social validation driven than anyone else ever been that we built that you're actually because abuser people were asking us. Hey like like I don't know what it means. When when I'm told that I spend an average of one hundred dollars on eating out each it is that is that good? You don't really have context. And so the whole point of this feature is that we give them that actual data that you never had access to the four. How benchmark thirty eight year out? Or maybe they see that they're doing the lot earned everyone else and they'll feel good about solveig. There's a lot of ways you that eight of a generally speaking more of a Gen Z.. Easier than it is of a colonial feature. How are you managing user feedback? How are you how are you? What are the feedback? Loops that you have set up to hear from customers. Yes yes so. We have in common our APP and so we will trigger up messages based on up their usage frequency to that just to ask for feedback. I'm at different points and so just try to automate as much as possible based on actions that you're taking and who they are. You mentioned earlier. That banks are our C. driven in a lot of cases their interests aren't aligned with users. How do you and other startups that? You've talked to in the FINTECH space. How Oh you view than working with banks is it? You want to drive them to build better products. Or how do you want that. Have you want that to work right. Now a lot of revenue for banks are GONNA come from sending all these fees everything right but there is this shift happening banks are realizing that the world is changing right. That's not customer for losing customers because of the business that they have and they're cautious adapted. The problem is that it's really difficult for me to suddenly shock streams and so in the way we see that is likely the world's changing they know that these practices at no Financially elaborate Costner's. I'm very well aware of it with a against infrastructure screen. That already had they are run. A business it GONNA make a lot of money. And those startups provide a mediary for that to achieve that without having to do with all south and so for us like yes. No thanks for this huge generation of consumers which I think is really important I think on a broader level. You know we specifically are working with A. We're not working with the Big Bang. We're not working. The American Revolution was empty. Casey of which is a community right and so naturally Incentives are a little different communities. They certainly are more athletic and caring about customers. Financial Elton helping the community and out of the tradition. And so that's certainly a big arthit. Bank is South Waspy Harper World of where. It's almost like an anti bank and so it works really are harsh but that align with exactly what we're trying.
"bank" Discussed on Bank-Fintech Fusion
"Yeah can you tell me about what you're doing now with Embiid embiid Casey. I know you're in Kansas City. At the moment I think yet I am in Kansas City. Right now yeah we so basically like I mentioned earlier. Our initial products on was really focused on it. Just you know helping. People Reserve Financials but later on author finances so we weren't having any money so when someone's saving money through platform we're actually moving. It was just the track they have to. You know separately go into their anger cowboy move the money or maybe they will choose not to do that. And the and and so the next stage was to be able to actually turn those into real deposits into Pluto also got Bama like experience for saving money. That's not what we like to call it and it was NBC specifically with them to Moshen F. B. O. attacks on Pluto safe. I'm so is going to be. FDIC insured and our the goal is just make it really easy for people to stay from the note that game challenges our platform into their goals. I did this same CAL and so we're really really excited about that. Were hoping to see Masha within the next couple of months so. NB Casey has been very active in ecosystem lately. what conversations conversations if you have the feminine would have said to you about their interest in Fintech in what have you seen. I guess directly since you've been there. Yeah so Casey. I've never heard of that prior to the tax arts program when I met them and that's not surprising because they didn't really start getting big on scene until I just over a year ago or so something like that within the the past two years and I think what really stood out to me with that they were the first the first nudity bank to launch in accelerator program. And so they've really. He made a huge effort to get in tech world to meet as many tech companies and boundaries as possible understand how they can Arner with them and not not not only the Obviously want to get more to audits right Ebony. Bank does but they also genuine. The habit mission to approve the financial health the Americans. So you know. Take a look at consideration thick website or they'll list out Missions they have around the end. Our conversation as with them wasn't just around. How do we increase audits? It was really around House Pluto into this changing mask wrapped in tech in terms of helping to improve the Financial Ashok Americans in and all the things I mentioned earlier about. Thanks struggles to understand our customers paint Eric. Few right now we're very refocused on upbeat AC- ran but you know in the future could be a potential ways for us to be able to work in closer Yelling Kudo onto more. You're evil and so everything would just rely. We've talked them in so we wanted to join because of their Michigan folks coach. Do they have a dedicated team. fintech engagement engagement team or is it. How does how does it? How does that structure your your engagement? Yeah so they do. They do I think it's a little bit informal. I don't want to speak for them but they so you have a team in Texas And specifically with Albacete Tech Program. That's kind of one of their primary vehicles engaging with startups on it's a program were they For the sixth startups. I'm to invest in Fifty grand each of focus is entirely on building out that partnership with the the bank and some of the companies are already had army shipped with Mike we already had partial Casey prior to joining this city in program and because he definitely is is released acidic in their strategy right. So you're you're very specific a about Gen Z.. So because you're dealing with college students the the industry as as a whole I think. Tends to lump millennials Gen Z.. Together but obviously you see a difference between them. Do you see a slightly older cohort as your potential customers as well or you really sticky to that to the College Age specifically. Yeah so opening our goal is to be able to grow our customers merce. College is kind of starting point. We will lead when you. That's Isis released dark matter to the action that you're taking more so than any the other other partner life stage from the universe from behavior standpoint are certainly universal or any national offices or anyone. That's looking for more approachable. approachable way to start managing your finances but just in terms of our ranting on our strategy reaching the details of products of the features that we have we I tried to focus on the coliseum. On example is that we have each. That's called up here comparison where our users can actually anonymously finances to. Did anyone else liked them. Even Saint Hollis Kansas. And that's an interesting behavior ship because the older generation are going to be a lot more hesitant in wanting wanting to even shared her finances. Even if it's anonymous there's a lot more concerned about that but This younger generation because they grew up in this world of social media inscribing all of that. They're actually a lot more social validation driven than anyone else ever been that we built that you're actually because abuser people were asking us. Hey like like I don't know what it means. When when I'm told that I spend an average of one hundred dollars on eating out each it is that is that good? You don't really have context. And so the whole point of this feature is that we give them that actual data that you never had access to the four. How benchmark thirty eight year out? Or maybe they see that they're doing the lot earned everyone else and they'll feel good about solveig. There's a lot of ways you that eight of a generally speaking more of a Gen Z.. Easier than it is of a colonial feature. How are you managing user feedback? How are you how are you? What are the feedback? Loops that you have set up to hear from customers. Yes yes so. We have in common our APP and so we will trigger up messages based on up their usage frequency to that just to ask for feedback. I'm at different points and so just try to automate as much as possible based on actions that you're taking and who they are. You mentioned earlier. That banks are our C. driven in a lot of cases their interests aren't aligned with users. How do you and other startups that? You've talked to in the FINTECH space. How Oh you view than working with banks is it? You want to drive them to build better products. Or how do you want that. Have you want that to work right. Now a lot of revenue for banks are GONNA come from sending all these fees everything right but there is this shift happening banks are realizing that the world is changing right. That's not customer for losing customers because of the business that they have and they're cautious adapted. The problem is that it's really difficult for me to suddenly shock streams and so in the way we see that is likely the world's changing they know that these practices at no Financially elaborate Costner's. I'm very well aware of it with a against infrastructure screen. That already had they are run. A business it GONNA make a lot of money. And those startups provide a mediary for that to achieve that without having to do with all south and so for us like yes. No thanks for this huge generation of consumers which I think is really important I think on a broader level. You know we specifically are working with A. We're not working with the Big Bang. We're not working. The American Revolution was empty. Casey of which is a community right and so naturally Incentives are a little different communities. They certainly are more Apathetic and caring about customers financial. Elton helping the community and out of the tradition. And so that's certainly a big arthit. Bank is South Waspy Harper World of where. It's almost like an anti bank and so it works really are harsh but that align with exactly what we're trying.
"bank" Discussed on Bank-Fintech Fusion
"Good to have you here Tim. Absolutely so tell me briefly what problem Lem Pluto money is solving. Yeah you know. We are building banking platform death specifically going after serving generation Ecologie and the biggest biggest problem. That is John Generation as is financial inaction. It's basically that active doing nothing your finances and it's because they're really overwhelmed overwhelmed with their finances really stressed out or they have really busy lives and they can't find time to do it and really also that they're just not really any solutions out there on that are making it easy for them to take action and making money management approachable and so the question is how do we help his generation take the first steps towards. It's their financial goals and to get them to not make the same mistakes. That previous generation That's resolving do you have experienced firsthand experience agreeance with a trouble managing money. Is this out of a personal thing for you. Definitely so wanted to read to start. It was because when I was in college at Ucla. I ask some pretty good internships making pretty good money or a college student bought. I ended up spending all my paychecks and didn't save a seal San and gone credit credit card debt on top of the student that already in and I actually saved more money in high school in College. which is a very basing but you you know that that was a big driving factor into knee realizing what a big problem? This was my co-founder Susie. Tim Archie Officer. She also struggled with finances the same time but she had dropped out of seven different colleges or UCLA or financial reasons and when she got the UCLA She ended up successfully graduating but but also had to give up on her dreams of study abroad program in arseny which because she had a panic attack and realized she didn't have a savings account kind of cardinal. No idea media out. She was actually going to be with for that program. And so we got together and just realized that it wasn't just the problems that we rix air sing but let millions of other options were to ride just from talking to one hundred students but also a lot of secondary research at paints very alarming picture of just the State of college suit center finances. So do you think this is different for young people of this generation because of obviously we know about the the massive student debt burden invest. That's greater than previous generations is that the major differentiating factor. So that's part of it is. There's a lot of reasons why this generation Z.. Generation Z.. Is Ages eight to twenty or just for context. So they're already workforce millions are in college. I'm a big part of how they're different is environment that they grew up in the writing student. Debt is the part of it the generation Z.. Young adults and teenagers are growing up seeing the student. Debt crisis blow up incidental running back mind which is why they're actually trying to avoid getting incident as much as possible. They preferred that over credit for that reason. And so something that definitely undermined. There are in colleges trying to find alternative ways of education without Avondale payslip money other environmental factors would also be that they saw the great session Parents go through that. And maybe nate solder Struggled to find jobs after graduating college in so just generally speaking. The mindset generation has a lot more conservative and motivated around finances. They actually want to get ahead their financial goals meaning that they are cautiously trying to would say mistakes that other generations nations made because they know what negative pack from the life but the problem. Is that the solutions out. There are meeting the needs that they have. And so. That's why we that's why we're going to necessarily be designed to to to work and connect with this younger generation consumers on to to help them achieve what they want cheese. Why do you think banks aren't helping more with this problem or or just put differently? A syntech seems to be taking this on on mass. So you've got to stand out from a bunch of different APPS targeting young people but why do you think the the more mainstream of financial services is not doing the same. Yeah I think the first thing is that banks could care less about the financial health consumers when you're talking about their motive is to make a lot money and the other a lot of revenues. Come from Aden these overdraft in lending all that so just naturally those at revenue streams our alliance sooner financial also. That's very birthday intern. This specific demographic so banks actually do not all of them but there are banks that tried to capture the market ever going after all the students and you might be familiar with back in. I think the sometimes sometimes to thousands of even nineties banks were at all campuses just handing out free stuff to get people to to download their design for remained account Out On campus get credit cards etc.. Clearly see all the students because they know that they can get a college student as a customer during life stage are likely to stay with them for a long time right. Like I don't know about you but I know people that are in their thirties forties fifties sixties. Whatever that as the same Kappa they had in college is still there they might. It might not be there everyday. Cathy so happy. And probably I'm guessing a lot of them are doping knowing it But I think the problem in that they have spent a lot of money to our customers. And when you're talking about all the students it is true that they're not going to have as many assets as someone it might be in their late twenties early thirties forties right. They're just kind of starting out or becoming for Simon Volts. They're starting to be independent prefers time and so the time it takes to realize realized that. LTV Of that customer is you know it takes some time for that to happen and so when you take into account the cost of a big customer did not kind wait to get that value. It's the art went to reconcile right. And so that's why a lot of base end up China Okasan people that were assets or maybe people that are in a lot more debts right more more More likely to borrow money and all that and so what we're doing differently here was unique about that because no not a not a traditional additional financial institution weaken the fire osteen's its customers at much cheaper costs and at a much bigger scale to because our it's not banking Clue money to build a better bank. Bill clue money to solve real financial health problems that all students have and baking just happens to be a piece of that solution right and so when we approach universities were not going up to them. Hey we want to basically pay you. Millions of dollars that get cost of the customers is more like hey we we are on mission to help students become more financially healthy and that has value to the university ecosystem it improves retention rate. These the reason student will drop out of college for financial reasons You know it will also increase the success of students that graduated from college and increase the rate of nations alumni back so many benefits of financial health perspective and also university that we provide outside of just banking. So we're decide. No from mental leveler approaching is really different from a traditional institution. I do think it's encouraging that young people today see much more aware of their finances. And maybe it's the fact that they have a supercomputer in their pocket with their smartphone that they have access to these things. But I do think there's a lot more a win and also as you said goat not seeing your parents go through financial struggles. Do you remember yourself when you became aware of up money as a thing or something that needed to be managed rather than just something so you know passive in your life certainly on it was certainly do family right My family my parents are the grits and immigrated from Kaplon on Ninety S. My father has a classic to valley story on Cater earthy dollars pockets in started a computer company it really well was acquiring companies in the late eighties early. Two thousand into the economy crashed right and that that certainly center Amalie our downward spiral Arrow in and so growing up there was a lot of money that an education and you know sacrificing their own sauce for children which which I have a lot of probation for but they do things like even giving up on life insurance just to be able to fund education. I mean things like that right and it's just crazy to think about so really starting hitting me I think. Especially when advocate incision round college right and we have apt to zooming in on is my my sister was going to New York University or thousand pop choice for me. Ucla right and it's in state. And so I say a lot of money for my sister you're going to advocacy taper off. It costs is really expensive right and so just seeing the financial pressure that these decisions on parents certainly made me a lot more aware aware of just how hard money was to come by and I really started thinking about that. Is that shared at college. I honestly didn't really think about body Audie us for the first couple years of college in the sense of light. Yes I was always worry tonight enough money but I never really thought about getting edited or say but it wasn't wasn't really until I I literally realise like at one point rows like. Oh I'm making a lot of money to serve Inter Shits and in the end of the summer have my bank account. Nothing that was like. We're really like how did that happen right. And so you know for some people having earlier for some people as happens later you know. I think it's always it was released. Note that instance through internship or for me personally that was where the biggest trigger point where it should me to do something about it. Yeah I think there's a fleeing awareness that hits hits everyone at a different a different stage in life some some younger some some older so You so so puto graduated from techstars. Can you tell me a bit about that experience. Sure yeah we were part of the Barclays Accelerator Power Techstars at university last fall. It was an incredible incredible experience It was it wasn't until early. Twenty eighteen where we started thinking about making Weaver Started Budo acting twenty sixteen. We you're just really focus on financial health right and it was really a layer on October finances and we're using and we still are usually behavior science to change people's relationship with money but over time we quickly realize that. Make a real people's financially hater behavior we have to integrate donating and be in that cash cash flow in their day to day. Lives Otherwise you know. It's really easy to know. Shown things like show mission to them but to jeopardize the results is really difficult achieve achieve and so it kind of came timing program right arc. Liaises wanted to biggest player in tech in your city and advocates does this and and it was just an opportunity for us to really immerse ourselves more incident making role ended integral and to start understanding our banks odd because we weren't looking for our ships you know we were exploring white label solutions like Walla and all that we had also heard about on the path of being directed partner with banks which was our preference taught at Alpha for that it indeed was really helpful for that or Barclays is one of our actors in we were able to meet our current up a partner and because the bank up through the text for actually and so it certainly helped take cluedo to a whole `nother level..
"bank" Discussed on Bank-Fintech Fusion
"Good to have you here Tim. Absolutely so tell me briefly what problem Lem Pluto money is solving. Yeah you know. We are building banking platform death specifically going after serving generation Ecologie and the biggest biggest problem that this young generation as is financial inaction. It's basically that active doing nothing your finances and it's because they're really overwhelmed overwhelmed with their finances really stressed out or they have really busy lives and they can't find time to do it and really also that they're just not really any solutions out there on that are making it easy for them to take action and making money management approachable and so the question is how do we help his generation take the first steps towards. It's their financial goals and to get them to not make the same mistakes. That previous generation That's resolving do you have experienced firsthand experience agreeance with a trouble managing money. Is this out of a personal thing for you. Definitely so wanted to read to start. It was because when I was in college at Ucla. I ask some pretty good internships making pretty good money or a college student bought. I ended up spending all my paychecks and didn't save a seal San and gone credit credit card debt on top of the student that already in and I actually saved more money in high school in College. which is a very basing but you you know that that was a big driving factor into knee realizing what a big problem? This was my co-founder Susie. Tim Archie Officer. She also struggled with finances the same time but she had dropped out of seven different colleges or UCLA or financial reasons and when she got the UCLA She ended up successfully graduating but but also had to give up on her dreams of study abroad program in arseny which because she had a panic attack and realized she didn't have a savings account kind of cardinal. No idea media out. She was actually going to be with for that program. And so we got together and just realized that it wasn't just the problems that we rix air sing but led millions of thousands. Were to ride just from talking to one hundred students but also a lot of secondary research at paints very alarming picture of just the State of college suit center finances. So do you think this is different for young people of this generation because of obviously we know about the the massive student debt burden invest. That's greater than previous generations is that the major differentiating factor. So that's part of it is. There's a lot of reasons why this generation Z.. Generation Z.. Is Ages eight to twenty or just for context. So they're already workforce millions are in college. I'm a big part of how they're different is environment that they grew up in the writing student. Debt is the part of it the generation Z.. Young adults and teenagers are growing up seeing the student. Debt crisis blow up incidental running back mind which is why they're actually trying to avoid getting incident as much as possible. They preferred that over credit for that reason. And so something that definitely undermined. There are in colleges trying to find alternative ways of education without Avondale payslip money other environmental factors would also be that they saw the great session Parents go through that. And maybe nate solder Struggled to find jobs after graduating college in so just generally speaking. The mindset generation has a lot more conservative and motivated around finances. They actually want to get ahead their financial goals meaning that they are cautiously trying to would say mistakes that other generations nations made because they know what negative pack from the life but the problem. Is that the solutions out. There are meeting the needs that they have. And so. That's why we that's why we're going to necessarily be designed to to to work and connect with this younger generation consumers on to to help them achieve what they want cheese. Why do you think banks aren't helping more with this problem or or just put differently? A syntech seems to be taking this on on mass. So you've got to stand out from a bunch of different APPS targeting young people but why do you think the the more mainstream of financial services is not doing the same. Yeah I think the first thing is that banks could care less about financial health consumers when you're talking about their motive is to make a lot money and the other a lot of revenues come from Aden these overdraft in lending all that so just naturally those at revenue streams our alliance sooner financial also. That's very birthday intern. This specific demographic so banks actually do not all of them but there are banks that tried to capture the market ever going after all the students and you might be familiar with back in. I think the sometimes sometimes to thousands of even nineties banks were at all campuses just handing out free stuff to get people to to download their design for remained account Out On campus get credit cards etc.. Clearly see all the students because they know that they can get a college student as a customer during life stage are likely to stay with them for a long time right. Like I don't know about you but I know people that are in their thirties forties fifties sixties. Whatever that as the same Kappa they had in college is still there they might. It might not be there everyday. Cathy so happy. And probably I'm guessing a lot of them are doping knowing it But I think the problem in that they have spent a lot of money to our customers. And when you're talking about all the students it is true that they're not going to have as many assets as someone it might be in their late twenties early thirties forties right. They're just kind of starting out or becoming for Simon Volts. They're starting to be independent prefers time and so the time it takes to realize realized that. LTV Of that customer is you know it takes some time for that to happen and so when you take into account the cost of a big customer did not kind wait to get that value. It's the art went to reconcile right. And so that's why a lot of base end up China Okasan people that were assets or maybe people that are in a lot more debts right more more More likely to borrow money and all that and so what we're doing differently here was unique about that because no not a not a traditional traditional financial weaken the fire osteen's customers at much cheaper costs and at a much bigger scale to because our it's not banking Clue money to build a better bank. Bill clue money to solve real financial health problems that all students have and baking just happens to be a piece of that solution right and so when we approach universities were not going up to them. Hey we want to basically pay you. Millions of dollars that get cost of the customers is more like hey we we are on mission to help students become more financially healthy and that has value to the university ecosystem. It improves attention rate. These the reason student will drop out of college for financial reasons You know it will also increase the success of students that graduated from college and increase the rate of nations alumni back so many benefits of financial health perspective and also university that we provide outside of just banking. So we're decide. No from mental leveler approaching is really different from a traditional institution. I do think it's encouraging that young people today see much more aware of their finances. And maybe it's the fact that they have a supercomputer in their pocket with their smartphone that they have access to these things. But I do think there's a lot more a win and also as you said goat not seeing your parents go through financial struggles. Do you remember yourself when you became aware of up money as a thing or something that needed to be managed rather than just something so you know passive in your life certainly on it was certainly do family right My family my parents are the grits and immigrated from Kaplon on Ninety S. My father has a classic to valley story on Cater earthy dollars pockets in started a computer company it really well was acquiring companies in the late eighties early. Two thousand into the economy crashed right and that that certainly center Amalie our downward spiral Arrow in and so growing up there was a lot of money that an education and you know sacrificing their own sauce for children which which I have a lot of probation for but they do things like even giving up on life insurance just to be able to fund education. I mean things like that right and it's just crazy to think about so really starting hitting me I think. Especially when advocate incision round college right and we have apt to zooming in on is my my sister was going to New York University or thousand pop choice for me. Ucla right and it's in state. And so I say a lot of money for my sister you're going to advocacy taper off. It costs is really expensive right and so just seeing the financial pressure that these decisions on parents certainly made me a lot more aware aware of just how hard money was to come by and I really started thinking about that. Is that shared at college. I honestly didn't really think about body Audie us for the first couple years of college in the sense of light. Yes I was always worry tonight enough money but I never really thought about getting edited or say but it wasn't wasn't really until I I literally realise like at one point rows like. Oh I'm making a lot of money to serve Inter Shits and in the end of the summer have my bank account. Nothing that was like. We're really like how did that happen right. And so you know for some people having earlier for some people as happens later you know. I think it's always it was released. Note that instance through internship or for me personally that was where the biggest trigger point where it should me to do something about it. Yeah I think there's a fleeing awareness that hits hits everyone at a different a different stage in life some some younger some some older so You so so puto graduated from techstars. Can you tell me a bit about that experience. Sure yeah we were part of the Barclays Accelerator Power Techstars at university last fall. It was an incredible incredible experience It was it wasn't until early. Twenty eighteen where we started thinking about making Weaver Started Budo acting twenty sixteen. We you're just really focus on financial health right and it was really a layer on October finances and we're using and we still are usually behavior science to change people's relationship with money but over time we quickly realize that. Make a real people's finance Louis Hater behavior. We have to integrate donating and be in that cash cash flow in their day to day. Lives Otherwise you know. It's really easy to know. Shown things like show mission to them but to jeopardize the results is really difficult achieve achieve and so it kind of came timing program right arc. Liaises wanted to biggest player in tech in your city and advocates does this and and it was not for us to really immerse ourselves more incident making role ended integral and to start understanding our banks odd because we weren't looking for our ships. You know we were exploring white label solutions like Walla and all that we had also heard about on the path of being directed partner with banks which was our preference taught at Alpha for that it indeed was really helpful for that or Barclays is one of our actors in we were able to meet our current up a partner and because the bank up through the text for actually and so it certainly helped take cluedo to a whole `nother level..
"bank" Discussed on The Bank Account
"Halfway. I think this will be one of our first upsets we have to cut out a big middle piece new to laughing. I thought it was going to be coughing from the cold picked up. So that's that's a really good. I will say kind of a few tips for anyone looking to do a future Ragnar be prepared to laugh. There will be a lot of laughter. But also kind of plan ahead as to when you were going to consumed food, and when you were going to sleep you need to do both of those things during the event, even if you are like me running every four hours or just continuously. It seemed probably as as sores my legs were at the end, and they were sore. It was more recovery for the thirty six hours of of being up an active and kind of always ready for the next run but not necessarily eating because I was always about to go run again. Yeah. There is a limitation to the amount of energy. You can get from energy gills energy, choose in energy waffles. Eventually, you feel like you're gonna energy vomit. And sort of where I was at the end to really glad to just have burger. So anyway, a lot of fun as an event well, and we weren't doing it just for fun or just for business development, although we achieve both of those things as well. But we were also doing it to raise money for a great organization Fraser center. You wanna talk a little bit more about our efforts there. Yeah. That was just again, a really special part of it for me. That's an organization. Our firm has been involved with for a very long time back to its founding, and we decided to to get together and contribute some money or raise the money to contribute as part of the Ragnar, and thanks to our firm, and every single Bank that was involved we were able to raise over non thousand dollars for Frazier with money still coming in. I'm optimistic. We're actually still going to going to get ten thousand and that's just huge and. Again, a great reflection not only on on our for for being willing to contribute to charities like that. But again, all of the banks involved being so generous and so willing to participate in that. It was a great thing to see and Johnson you and take an opportunity to go ahead. And explain the Frazier center a little bit more. Absolutely the Frazier center again, as I mentioned as has been around a long time right near Decatur in Atlanta at said tucked into a beautiful part of a forest there on a great campus, and it provides services for people of of all types ability of ability and disability, including an adult program that works with adults primarily with certain mental and developmental handicaps and gets them into the community again with a goal on inclusion and then a great children's program as well again, very inclusive environment and. When that we're very fortunate to be able to support and support very enthusiastically. So it's a great organization. Now, again, we promised a little bit of banking. So we can fit this into a banking podcast. One of the more interesting things that I read and you put out a tweet about it. Rob was an article in American banker by Hillary burns on a particular Bank. That is undertaking strategy forming a new Bank in a neighboring state, and that's going to to cause them to be a multi Bank holding company, which as you noted in in the tweet is a trend that most banks have moved away from deer. Call stop your head. What the data was showing terms of numbers of Bank holding companies kind of directional trend there that would have required more preparation for this podcast than I had intended. But the numbers are stark. I mean, it is my recollection is we've cut by more than two-thirds the number of banks in a multi Bank, holding company structure, and where they now tend to exist. It tends to be. Two maybe three charters often. It's a trust company and the Bank charter a full service Bank. Charter or you know, a another limited purpose Bank to go with it as opposed to ten years ago. It was not uncommon to find holding companies with four five six twenty thirty independent full service independent, but full service, Bank charters under them and that approach and kind of the the regulatory difficulties that go with that have faded away because of the regulatory difficulties have faded away. Absolutely. And and with that Lenny maybe just covered the the benefits of having multiple commercial banks housed in separate charters underneath the same holding company. I think the perception is. It provides more autonomy for each independent Bank musk gestion based on what I've seen with clients is there is a way to provide that Tommy at the local level without having separate charters any thoughts on that. What you've seen? No, I agree. I mean, I think there are some look there are some multi Bank holding companies that have been multi Bank holding companies for decades and it works for them. Now query whether it will continue to work for them or whether they be able to do even better without them. But it is hard to identify a tangible actual benefit to the multiple Bank. Charter especially now, as we do have a branching across state lines kind of greater flexibility